“…Any potential release from 12 million barrels jointly held in Japan by Saudi Arabia, United Arab Emirates and Kuwait would be in addition to the announced 80 million barrels, the Ministry of Economy, Trade and Industry says.
Japan started its national oil reserve system in 1978, several years after the Arab oil embargo. The Group of Seven nation, reliant on the Middle East for around 90% of its oil, now stockpiles 254 days of consumption.
It will start releasing 15 days’ worth of private-sector oil on Monday and a month’s worth from the state reserves from late this month, according to METI…”
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WHY JAPAN HAS BEEN HOARDING OIL LIKE A DOOMSDAY PREPPER FOR YEARS
“…Over decades Japan quietly built a national oil stash so massive it can keep the country running for months if imports stop. Government reserves, corporate stockpiles, and joint storage deals with oil exporters, a three-layer backup plan that basically turns the country into a giant emergency fuel tank…”