Saudi and UAE stockpile crude in Japan
Arabian Gulf oil leaders stockpile crude for free in tie-up with Japan.
Saudi Arabia and the UAE had approximately 13.8 million barrels of crude oil at the end of November located in Japan's semi-national stockpiles, the same level as the previous month, according to data from the Agency for Natural Resources and Energy, as cited by Reuters.
National Oil Companies (NOC) Saudi Aramco and the Abu Dhabi National Oil Company (ADNOC) can store more than 14 million barrels of crude for free under an arrangement by which Japan has first option on the supplies in case of emergencies. Japan calculates that half of this supply is part of its own strategic reserves.
There are no details as to the breakdown of how many barrels each NOC has provided.