As a reminder, Japan had previously release around 50 days’ worth of oil from its reserves already in March. So, this 36 million barrels will roughly equate to another 20 days’ worth of its oil reserves. The details of the plan is expected to be finalised by the end of April with the action to be taken in May next month.
For some context, Japan’s daily oil demand roughly amounts to 1.8 million barrels.
The official cited mentions that while the price of the first round of release was set based on February official selling prices, the pricing for this release is still under review as they have to take into account “market trends”.
