Saudi Arabia and the United Arab Emirates together owned about 13.8 million barrels of crude oil in Japan's semi-national stockpiles in November 2017, unchanged from the previous month, data from Japan’s Agency for Natural Resources and Energy showed on Monday.
The Japanese government lends crude storage capacity for free to state-owned Saudi Arabian Oil Co. (Saudi Aramco) and Abu Dhabi National Oil Co (ADNOC), allowing the two oil giants to store up to 14.47 million barrels.
In return, Japan gets a priority claim on the stockpiles in case of emergency, considering them as quasi-government inventory. Half of the barrels are counted as part of Japan’s national strategic crude reserves.
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