Canada and Mexico have ample breathing space in IEA
IEA member rules include an obligation to have oil-stock levels at a certain point, however there seem to be loopholes
Under International Energy Agency (IEA) rules, each member country has an obligation to have oil-stock levels that equate to 90 days of net imports. But the rule only applies to net oil importers. So IEA member Canada, a net exporter, does not have a stockholding obligation under the agreement. Though it is a member of the North American Free Trade Agreement (NAFTA), Mexico is not an IEA member and has no requirement to withhold stocks. So the US, with its 727 million barrel Strategic Petroleum Reserve is not only the largest cache of government-oil stocks in the world, but also the only one of its kind in North America. The IEA minimum obligation is based on net imports of all oil, includin
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
