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In 2013, the IEA published a study on the costs and benefits of holding emergency oil stocks. Since the original study was published, significant developments have occurred in global energy markets, such as volatility in crude and oil product prices and changes in the production profile of the USA. Oil continues to be traded in a market where uncertainty and sudden supply shocks are common occurrences.

In order to assess the net benefits derived from holding emergency oil stocks under those new market conditions, an update of the original study has been undertaken. The Costs and Benefits of Emergency Stocks 2018 presents the costs involved in holding emergency stocks, accounting for the 2017/18 market conditions, before assessing the benefits associated with these stocks. The estimated costs and benefits covered in this report indicate an order of magnitude at the global and regional levels.