Japan�will import fewer than 160,000 barrels a day of oil from�Iran�next year to avoid sanctions aimed at the Middle Eastern country�s nuclear program, the head of Japan�s oil industry group said.
JX Nippon Oil & Energy Corp., the country�s biggest refiner, will cut its imports from the current contract of about 80,000 barrels a day, Kimura Yasushi, who serves as chairman for both JX and the Petroleum Association of Japan, said at a press conference today.

Secretary of State Hillary Clinton in March exempted Japan from sanctions on banks doing business with Iran because of the Asian country�s steps to reduce imports from the Persian Gulf nation. The waiver was renewed in September for a second six- month term for Japan, which was the world�s biggest importer of Iranian crude after in�China�in the first half of 2011, according to the U.S. Department of Energy.

Imports from Iran averaged 190,000 barrels a day from January to October, 40 percent less than the same period last year, and fell to 160,000 barrels a day in October, Kimura said.

�Maintaining that 160,000 barrels a day as a ceiling, refiners will look into reducing more, as JX cuts its own imports,� said Kimura, who declined to comment on how much purchases would be cut. �We will tackle this while keeping a close eye on the U.S.�s policy on Iran.�

U.S. and European Union officials say Iran�s nuclear development is aimed at producing atomic weapons, while the government in Tehran says the project is for civilian purposes.

By Bloomberg

 

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