Saudi Arabia Increases Crude Reserves in Japan

Saudi Arabia Increases Crude Reserves in Japan

Saudi Aramco is increasing its crude oil reserves in Japan by 1.9 million barrels, Reuters reports.

With the 1.9 million barrels, Saudi Aramco’s reserves in Japan will rise to 8.18 million barrels, according to Platts.

Japan has an agreement with Saudi Aramco to provide 8.18 million barrels of free storage capacity to the Saudi oil company, according to Platts. In return, Japan’s oil needs will be prioritized in case of an emergency that disrupts the flow of oil to the region.

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