Japan recently said it has reached a joint oil storage deal with state-run Kuwait Petroleum Corp (KPC) to lend it 3.14 million barrels (500,000 kilolitres) of capacity for free.
Under the deal, KPC can use storage tanks at refiner Eneos' Kiire base in southern Japan of Kagoshima as an export base for eastern Asia.
In return, Japan gets a priority claim on the stockpiles in case of emergency. The volume is equivalent to 1.5 days of its consumption.
