Fearing Supply Problems, Small Nations Mull Oil Reserves

HOUSTON (Dow Jones)–The energy markets have been buzzing with speculation following recent announcements by China and India of plans to stockpile emergency oil supplies.

But, while those two emerging powerhouses have gotten all the attention, more than a dozen smaller countries have begun building strategic reserves of their own. Experts believe the stockpiling stampede by countries like Albania and Botswana hasn’t significantly affected global petroleum supplies so far, but they are watching the issue. “We are hoping that these countries may start to buy emergency stocks when markets are not so tight and that the market impacts may not (be) harmful,” said Klaus Jacoby of the International Energy Agency, which is providing the countries with technical assistance.

The trend illustrates how even smaller players in the global economy are rethinking their energy policies in the wake of high oil prices and geopolitical uncertainty.

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