Global Energy Crisis 2026: Oil Reserves in Developing Countries Deplete

JAKARTA - The global energy crisis is said to be entering the most serious phase in modern history following conflicts in the Middle East that have disrupted worldwide oil and gas supplies. The closure of the Strait of Hormuz, a vital shipping route connecting the Persian Gulf to the Arabian Sea, has impacted approximately one-fifth of the world’s oil and gas supplies. The head of the International Energy Agency (IEA), Fatih Birol, stated that the oil and gas markets are now facing immense pressure amid a surge in global crude oil prices exceeding $120 US per barrel. This situation is worsened by growing concerns that the conflict in the Middle East will continue to expand. Brent crude oil prices even reached their highest level in the past four years at the end of April 2026. This global energy supply disruption is considered different from previous crises because its effects have spread to nearly all regions, particularly developing countries that depend on imported fuel oil (BBM). Although the release of 400 million barrels of emergency oil reserves by IEA member countries in March 2026 was intended to dampen global price increases, this measure instead highlights the disparities in energy reserves between developed and developing nations. The IEA itself is an organisation established in 1974 and comprising industrial countries that are members of the Organisation for Economic Co-operation and Development (OECD). Although representing only about 16 percent of the world’s population, IEA member countries possess very large strategic oil reserves. Outside of IEA members, China is estimated to have around 1.4 billion barrels of emergency reserves, larger than the combined reserves of the United States, Japan, European OECD members, and Saudi Arabia. Other non-IEA countries with large reserves include India, Saudi Arabia, the United Arab Emirates, and Iran. According to IEA estimates, the 10 countries or blocs with the largest energy reserves control around 70 percent of global oil stocks.