Japan to count Saudi, UAE crude toward IEA requirement.

摘要

Japan's Ministry of Economy, Trade and Industry (METI) announced on July 24 that will start counting one half of the crude stored in the country under crude joint storage agreements as part of the country's secondary strategic petroleum reserve. Currently, the Japanese government is lending Saudi Arabia and the UAE 10.7MM bbl of storage capacity, free of charge and in close proximity to some of Saudi Aramco's and ADNOC's biggest customers, under the condition that Japan receives priority access to the crude in the event of an emergency. According to a METI subcommittee, Japan will seek to apply half of that volume to meet its International Energy Agency membership obligation of keeping 90 days worth of oil in reserve.