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Market Chatter: Japan Secures Enough Crude Through November Despite Middle East Tensions, Petroleum Association Says

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Japanese refiners have secured enough crude through November despite fears that renewed Saudi-Houthi fighting could widen Middle East tensions, Reuters News reported Friday, citing the Petroleum Association of Japan president.

Shunichi Kito said at a press conference that Saudi shipments have not halted entirely, with some oil transiting the Strait of Hormuz at Saudi Arabia's risk before transfer outside the Gulf, though he could not say whether this would continue, the news wire said.

Kito, also chairman of Idemitsu Kosan (TYO:5019), said refiners met needs through November by drawing on stockpiles from previous releases of Japan's national oil reserves, without requiring additional releases, the publication said.

He did not rule out the possible need for further reserve releases, noting the situation is difficult to predict, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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