Saudi Arabia has signed a deal to store 'millions of barrels' of oil in commerical storage in Japan, Saudi Arabian Oil Minister Ali al-Naimi said on Tuesday.

'Asia will be a huge market and this will be a big take off,' Naimi told reporters ahead of an Opec meeting.

He said state oil company Saudi Aramco had been offered the commercial storage for no charge. When asked for details of how the deal had been agreed, Naimi said: 'Through good negotiations.'-Reuters