Japan tightens oil reserve requirements

Japan’s trade ministry of Japan has tightened reserves that refiners were required to maintain in reserve back to the normal 70 days of oil requirement. Oil reserve requirements had been relaxed to 67 days of demand and then to 45 days in March following the country’s devastating earthquake and tsunami.  Requirements were lifted to make sure that refiners will have enough in stockpiles to carry the country through the extra demand for the summer season and rebuilding in the earthquake-hit areas.   An official from the ministry said that although the oil reserve requirements were relaxed, the volume set aside as reserves actually never dropped to as much as 45 days of demand. (May 20, 2011)