Tokyo—Japan plans to expand strategic oil product inventory to around 1.36 million kl, or 8.55 million barrels, in fiscal 2013-14 (April-March) after the cabinet January 29 approved a budget plan under which it earmarked Yen 100.7 billion ($1.11 billion) to strengthen the country’s petroleum reserves system, up 4.5% from a year ago. Japan set up its national SPR in 1978, and it has always been heavily weighted toward crude oil. In 2009, for the first time the government added 130,000 kl of kerosene stocks to the SPR, which was equivalent to one day’s consumption of kerosene at the time.
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