Japan considering reducing oil reserves as it prepares to send fuel to U.S.

Japan is considering reducing the minimum requirement for the nation’s oil reserves as the country prepares to send some of its emergency supplies to the United States, a senior trade official said Monday.

Refiners, importers and wholesalers in Japan are now required to hold an equivalent of 70 days of imports, but that made be reduced to release some of its strategic oil reserves to help ease the petroleum supply situation in the U.S., Hideji Sugiyama, vice minister of economy, trade and industry, told a news conference.

MSN-Mainichi