OIL: Japan to End IEA-Led Oil Release in April 24

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.