Saudi Aramco, UAE hold oil stockpiles in Japan steady

15/01/2018 11:26 AST

Saudi Arabia and the United Arab Emirates together owned about 13.8 million barrels (2.19 million kilolitres) of crude oil at end-November in Japan's semi-national stockpiles, unchanged from the previous month, data from the Agency for Natural Resources and Energy showed on Monday.

The Japanese government lends crude storage capacity for free to state-owned Saudi Aramco and Abu Dhabi National Oil Co. (ADNOC), under which they can store up to 14.47 million barrels (2.3 million kl).

There is no breakdown for barrels between the two companies. In return for providing free storage, Japan gets a priority claim on the stockpiles in case of emergency and treats them as quasi-government inventory, counting half of the barrels as part of its national strategic crude reserves.


Reuters

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