Japan to auction second SPR release on 9 March

Oil

Japan has announced that it plans to auction around 1.64M bbls of crude oil from its Strategic Petroleum Reserve (SPR) on 9 March as part of a wider coordinated effort with other major oil-consuming countries to ease oil prices, Reuters report. This will be Japan’s second SPR release after around 630K bbls were previously sold on 9 February. According to Argus around 944K bbls of this volume will be Khafji crude, while 692K bbls will be Hout crude.