Saudi Aramco Boosts Crude Oil Stockpiles In Japan

12 Sep 2017   Japan, Saudi Arabia

Saudi Aramco will fill on Wednesday all of its 8.18 million barrels of leased crude storage capacity in southwestern Japan, a source at the Japanese Ministry of Economy Trade and Industry told S&P Global Platts on Monday, as the Saudis are trying to keep hold of their North Asian customers amid OPEC’s production cuts and low oil prices. Aramco has received a fully loaded very large crude carrier (VLCC) with 1.89 million barrels at Okinawa, which it will add to the 6.29 million barrels it is currently storing there. Aramco has been using storage capacity at Okinawa since 2011 under agreements with Japan and Japanese companies. The Saudi company uses the storage capacity free of charge in exchange for Japan having the right to claim first the stockpiles in case of an emergency. In July this year, Japan said that it would lift the storage capacity it allows Aramco […]

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