METI to retain lower mandatory oil stock levels

Japan’s Ministry of Economy, Trade and Industry (METI) said the mandatory oil stock level for refiners will remain at 45 days’ equivalent until May 21, to enable smooth delivery to quake-hit areas. Refiners are normally required by law to keep 70 days’ equivalent of crude or oil product stocks. Following the quake, METI cut this level to 67 days and then to 45 days, to help refiners deliver products such as gasoline and kerosene to affected areas. (April 20,2011)