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Commodities

As Mideast tensions rise, Japan to share oil reserves regionally

Tokyo eyes diplomatic goodwill and access to region's refineries in return

An oil refinery in Japan: the country wants access to Southeast Asian refineries should its own become unavailable due to natural disasters.   © Reuters

TOKYO -- Japan is moving to share its oil reserves with Southeast Asia to cushion the region from any disruptions to Middle Eastern supply, especially amid heightened tensions between the U.S. and Iran.

Tokyo is already believed to be in talks with Vietnam and the Philippines, with plans to sign with multiple countries this year.

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