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JX will cut oil imports from Iran

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JX will cut oil imports from Iran

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JX will cut oil imports from Iran

JX will cut oil imports from Iran Japanese oil wholesaler JX Nippon Oil & Energy says it will not renew one of its crude oil contracts with Iran. The contract is set to expire in April.

The United States is asking Japan to reduce its reliance on Iranian oil as part of sanctions against the country.

JX Nippon Oil & Energy has several contracts to import crude oil from Iran. The contract expiring in April accounts for about 10 percent of the company's crude imports from Iran. JX is considering importing that amount from Saudi Arabia and other oil producers.

The company is believed to be preparing for a possible agreement between the US and Japan on reducing oil imports from Iran.

The Japanese government is talking to oil wholesalers about how much they can cut imports. This announcement by a major company is likely to influence other wholesalers.

via NHK

Published on Tuesday, 07 February 2012