DEFINITION of 'Global Strategic Petroleum Reserves - GSPR'
Global Strategic Petroleum Reserves (GSPR) are crude oil inventories held by countries or private industries in preparation for future energy crises. The reserves are intended to provide economic and national security in the event of an energy crises. Countries that participate in the GSPR and that are members of the International Energy Agency (IEA) are expected to have on reserve an amount of oil equal to or greater than 90 days worth of the previous year's net imports.
BREAKING DOWN 'Global Strategic Petroleum Reserves - GSPR'
The purpose of the global strategic petroleum reserves is to thwart a crippling energy crisis. In the event that oil production decreases due to situations such as the physical disruption of the recovery or refinery process, the oil reserves are intended to meet daily energy requirements.