Riyadh – Mubasher: Saudi Arabia’s and the UAE’s crude oil reserves in Japan reached 10.5 million barrels by the end of August unchanged from a month earlier, data released by the Japanese Agency for Natural Resources and Energy (ANRE) showed Monday.
The Japanese government lends crude storage capacity free of charge to state-owned Saudi Aramco and Abu Dhabi National Oil Co (ADNOC), whereby they can store up to 14.47 million barrels each.
There are no disclosed numbers of the reserves of each of the two company.
In return for the free storage capacity, the Japanese government has priority in drawing from the crude reserves in case of emergency. It also considers these reserves as quasi-governmental reserves, half of which are counted as national strategic crude reserves.
