Japan Set To Follow South Korea and France In Halting Iran Oil Imports

Iran is struggling to hold back the tide and prevent key buyers from halting crude purchases. Japan appears set to stop taking Iranian crude, following Korea’s lead. India is poised to follow China in having its exports delivered by Iranian tankers.

US political pressure is beginning to take its toll on Iran’s key oil buyers well ahead of the 4 November re-imposition of oil sanctions. Having already lost last year’s third biggest buyer South Korea and the seventh largest, France, number six Japan looks set to pull out too.

As more buyers succumb to US pressure to halt Iranian purchases, so the pressure mounts on the remaining holdouts to emulate them. Meanwhile, the bargaining positions of those countries willing to resist the US – namely China and India – strengthens further, enabling them to extract improved terms from Tehran.

Japanese media report that the country’s oil firms are poised to stop importing Iranian crude and condensate in October – just in time to avoid any cargoes from arriving after the 4 November cut-off date. (CONTINUED - 1497 WORDS)

DATA INSIDE THIS ARTICLE

chart Imports Of Iranian Crude And Condensate Stayed High In 1H 2018, But Are Poised To Drop Well Below 2mn B/D In The Second Half Of The Year ('000 B/D)
chart Iran 2017 Crude & Condensate Exports By Destination ('000 B/D)