Japan's Refinery Utilization Hits 73% as Strategic Oil Stocks Flow In

Japan's refinery utilization rates are rebounding in May as releases from petroleum reserves and increased supply of non-Middle East crude are easing the crude supply crunch seen in March and most of April.

For the first time since March, refiners in Japan have boosted their average utilization rate to above 70% in the past two weeks, data from the Petroleum Association of Japan (PAJ) showed on Wednesday. Utilization rate of the designed capacity was 73. 3% in the week to May 9, following 77.