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Japanese petroleum refineries do not expect their petroleum supply from the Middle East to be disrupted, but in case of an emergency, they will use the country’s reserves to ensure a stable supply of petroleum.
Shunichi Kito, the president of Petroleum Association of Japan (PAJ), said in a news conference about the impact of Iran’s response to Israel’s attack: “We don't believe that there are any obstacles to the procurement of crude oil to Japan for now.”
Kito noted that if this confrontation were to escalate and affect the entire Middle East, then it would create a serious problem. He said: “In case of any disruption in crude oil supply, it is important to be prepared by making flexible use of the oil reserve to ensure that the oil supply will not be disrupted.”
the president of PAJ announced that Japan's public and private sectors have a total of 240 days of petroleum reserves.
After Iran announced that the response to Israel's attack on the Iranian consular building in Damascus was a limited operation, the price of petroleum started to decline since the beginning of this week.
According to Reuters, Japan imports more than 95% of its petroleum from the Middle East. Most of the Japanese refineries are designed to be suitable for Middle East petroleum refining, and it will not be easy to switch to other suppliers.
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