Japan’s refiners are prepared to tap reserves in case of a major escalation of the conflict in the Middle East and a possible disruption to oil supply, but they do not see threats to supply right now, according to the president of the Petroleum Association of Japan (PAJ). “We don't believe that there are any obstacles to the procurement of crude oil to Japan for now,” PAJ president Shunichi Kito said on Wednesday, as carried by Reuters. In case of a disruption, refiners would use Japan’s crude oil reserves to ensure…
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