The bloc currently imports more than half of its crude oil from the Middle East.
The bloc currently imports more than half of its crude oil from the Middle East.
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Southeast Asian leaders have agreed on measures aimed at reducing the impact of the Iran war on their economies, but conceded that the initiatives will take considerable time to come into effect.
On Friday, leaders gathered in the Philippines for a summit of the Association of Southeast Asian Nations (ASEAN), with the closure of the Strait of Hormuz dominating the agenda.
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The aid is roughly equivalent to a year's worth of crude oil imports by Asean countries.
