Japan crude oil buyers expected to restart Iran imports -trade minister

Japan crude oil buyers expected to restart Iran imports -trade minister

Nov 7, 2018 – TOKYO (Reuters) – Japanese buyers of Iranian crude oil is expected to prepare to resume imports from the Middle Eastern nation after Tokyo was granted a waiver from U.S. sanctions that kicked in this week, trade minister Hiroshige Seko said on Tuesday.

Exemptions have been granted to Iran’s biggest oil clients – Japan, China, India, South Korea, Taiwan, Italy, Greece and Turkey – which allow them to import at least some oil for another 180 days.

Iran’s oil exports have fallen sharply since U.S. President Donald Trump said at mid-year, he would re-impose sanctions on Tehran over its disputed nuclear program, but with waivers in hand, the Middle Eastern nation’s major buyers could scale up orders as soon as next month.

“It would be up to the judgment of private firms, but based on this decision, the (Japanese) companies would likely prepare for resuming Iran crude imports,” Seko told reporters.

Mary Greeley News
www.marygreeley.com

credit: https://www.reuters.com/article/us-usa-iran-sanctions-japan/japan-set-to-prepare-for-resuming-iran-oil-imports-trade-minister-idUSKCN1NB05F