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Japan and Saudi Arabia have acceded to extend their joint crude oil storage deal as it approaches expiration. This move will give the Middle East oil exporter quick and easy access to its essential customers in the Far East. Currently, Aramco leases 8.18 million barrels of crude oil storage capacity at Okinawa for commercial usages in return for prioritizing supply to Japan in case of unexpected events occurring. For Japan, storing oil domestically from its prudent suppliers such as Saudi Arabia has become paramount following the September 14th attacks on Aramco, where Japan counts on 90% of its crude import requirements.

Japan and Saudi Arabia will renew crude oil storage deal

Japan and Saudi Arabia have acceded to extend their joint crude oil storage deal as it approaches expiration. This move will give the Middle East oil exporter quick and easy access to its essential customers in the Far East.

Currently, Aramco leases 8.18 million barrels of crude oil storage capacity at Okinawa for commercial usages in return for prioritizing supply to Japan in case of unexpected events occurring.

For Japan, storing oil domestically from its prudent suppliers such as Saudi Arabia has become paramount following the September 14th attacks on Aramco, where Japan counts on 90% of its crude import requirements.

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