Japan Seeks Oil Security With Reserves Hike

May 2006 | Company News Alert

At a time of high oil prices, market pressures and political uncertainty in the Middle East, Japan is planning on upping national oil reserves by 40% from current levels to the equivalent of 120-130 days of domestic consumption, according to the Ministry of Economy, Trade and Industry (METI). While the ministry said it would begin building up these reserves at the start of the next fiscal year, no specific time frame has been given. Observers say, however, that the hike up will take around a decade to be complete, given that the last similar raise in the stockpile took nine

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