Peru Issues Emergency Energy Decree, Threatening Silver and Copper Supply With 21.8% of Global Reserves at Risk

Peru has issued an emergency energy decree following a liquidity crisis at the state-owned oil company, according to data from the U.S. Geological Survey and World Silver Association. The country holds 21.8% of global silver reserves and accounts for approximately 14% of global silver production, while also serving as a major global copper supplier. Silver in Peru is primarily produced as a byproduct of copper mining, with extraction and refining heavily dependent on energy supply. The energy crisis is expected to constrain mining production and reduce capacity, raising concerns about diminished metal supplies globally. The World Silver Association’s latest supply-demand balance sheet indicates a projected deficit of 1,437 tonnes of silver in 2026, indicating continued fundamental supply tightness.