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Story summary
- Saudi Arabia and the United Arab Emirates have asked Japan to raise its crude reserves from 8 million barrels to up to 80 million barrels.
- They are in talks with South Korea, citing Houthi attacks in the Red Sea and a Strait of Hormuz blockade as reasons to diversify storage.
- Japanese officials warn the volumes could exceed tank capacity and reduce space for domestic refiners and the strategic petroleum reserve.
