No. 21



Japan Looks To Rebalance Strategic Crude Stocks

Japan National Oil Corporation (JNOC) issued a tender on 17 May for the purchase of light sour crudes and the sale of medium and heavy crudes, in a first step towards matching the profile of Japans strategic reserves with the anticipated crude slate requirements of refiners. The move follows the announcement in March by Japans Ministry of Economy, Trade and Industry of a 10-year program to purchase 10mn...