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Saudi Aramco adds 1.9 million barrels to Japan's crude stocks
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 Arab and international |
Economy News _ Baghdad Saudi Aramco will add 1.9 million barrels of crude to its reserves held in Japan on Wednesday, a ministry official said on Monday. The move comes as Japan lifts its crude storage capacity for Aramco free of charge by 30 percent to 8.2 million barrels this month under a prior agreement between the two countries. The extra storage capacity announced by Japan in July, the world's largest oil exporter, is helping to keep customers in North Asia amid global warming and relatively low prices. In return for the free storage in Okinawa in the south, Japan will have priority in drawing out stockpiles in case of emergency. The official, who asked not to be named, said the volume of oil held by Saudi Arabia in Japan now stands at 6.3 million barrels. Japan is the largest crude oil market in Saudi Arabia, but ore in Okinawa is being supplied to China, South Korea and others. Aramco has been storing crude in Okinawa since early 2011 free of charge. Japan has a similar storage agreement with Abu Dhabi National Oil (ADNOC), under which the UAE company can store 6.29 million barrels at Kerry's oil outlet in Kagoshima, southern Japan. Japan deals with Aramco and ADNOC stocks as quasi-government stocks accounting for half of the country's national strategic oil reserves. Aramco and ADNOC should fill at least half of the storage capacity at all times. |
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