Thursday, April 21, 2011

Japan will allow refiners to use oil reserves in May

.- Japan will allow for a few weeks longer than its refineries can use some of its stocks of crude and thus ensure the supply to the Tohoku region that was affected by the powerful earthquake last month, said on Wednesday the Minister of Commerce country. Tokyo eased the rules after the earthquake and tsunami of March 11 to allow refiners to use their reserves to alleviate shortages after the disaster forced the closure of six plants and cut fuel supplies in the country by 30 percent.

Japan cut to 45 from 70 the number of days of supply should ensure that refiners after a disaster. That was the second release of reserves that are allowed since the system was introduced 70 days in 1993. The required coverage will last until May 20, the ministry said. Japan has advanced rapidly in the replenishment of supply.

Three of the six damaged refineries resumed operations. Undamaged refineries in western Japan are processing more crude oil than normal, contributing to an increase in supply to 3.5 million barrels per day (bpd), close to the pre-earthquake levels, according to the Association of Oil Japan.

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