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Japan to End IEA-Led Oil Release in April 24

OIL

Japan has decided to end its oil release from the country’s privately held petroleum reserves on April 20, 2024, in co-ordination with the International Energy Agency, the Ministry of Economy, Trade and Industry said Aug. 10.

  • Japan had already fulfilled its IEA commitment to tap a total of 9 million barrels of crude from its national petroleum reserves as part of its commitment to release a total of 15 million barrels of oil under the IEA's release of 120 million barrels.
  • At the end of May 2023, Japan held a total of around 467.77m bbls of petroleum reserves, equating to 232 days of domestic consumption, according to S&P Global Commodity Insights
  • Crude stocks in the national oil reserves accounted for 272.47 million barrels of the total, while privately held crude reserves totalled 74.97 million barrels.
Energy BulletsCommoditiesBank of Japan (BOJ) Market News
Energy BulletsCommoditiesBank of Japan (BOJ) Market News

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