Japan and Kuwait have struck a deal to store crude oil for Southeast Asia in Japan in a bid to boost the region’s oil supply network, which is currently rather weak and vulnerable to supply outages. Japan already has oil stockpiling agreements with the UAE and Saudi Arabia for storage space totaling 16.4 million barrels. Reports of the deal first emerged last week, when unnamed sources said that Japan has agreed to lease to the Kuwait Petroleum Corp. some 3.14 million barrels in oil storage capacity. This is equal to 1.5 days of consumption…
