00:00Countries across the region are working to offset disruptions to oil supplies, with Japan releasing more crude from its national
00:07reserves.
00:08About 8.5 million kiloliters of oil are now expected to be released in stages by late April from multiple
00:16storage sites across Japan.
00:18That's equal to about 30 days of domestic consumption.
00:21News outlet Reuters reports Tokyo may also be intervening in the oil futures markets as buyers look for alternative suppliers
00:29in other places, including from the U.S.
00:32Global oil prices have hit their highest levels since 2022 after the U.S. and Israel began strikes on Iran
00:39a month ago.
00:40Currently, the Strait of Hormuz, a key route for oil shipments, remains closed.
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