Japan plans no additional releases of crude oil from its national reserves in September or October, Economy, Trade and Industry Minister Ryosei Akazawa said on Tuesday.
Crude oil procurement in September is expected to fall to about 80% of last year’s average monthly volume from 100% in August, as tankers that would normally transit the Bab el-Mandeb Strait are being rerouted via the longer Suez route, he said.
* Japan expects August procurement to match last year’s monthly average, but September volumes will decline because shipments via the Suez route take about 55 days to reach Japan, compared with 21 to 23 days via the Bab el-Mandeb Strait, Akazawa told a press conference.
* “Of the national reserves for which a release has already been decided, there remains a portion that has not been utilised due to progress in securing alternative supplies. Using that portion would ensure (September) crude oil supply equivalent to an average month last year,” Akazawa said.
* Japan expects crude oil procurement to return to last year’s average monthly level in October, he added.
(Reporting by Yuka Obayashi; Editing by Kate Mayberry)