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US to exempt Japan from oil embargo on Iran

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US to exempt Japan from oil embargo on Iran

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US to exempt Japan from oil embargo on Iran

US to exempt Japan from oil embargo on Iran Japan and the United States are close to agreeing to conditionally exempt Japan from a planned US oil embargo on Iran.

Bilateral negotiations have been underway since last month to discuss Japan's call for its continued imports of Iranian crude oil. Japan argues that sanctions would impact its economy considerably because nearly 10 percent of its oil comes from Iran.

The 2 sides are now making final adjustments in the talks. They are expected to leave out Japan from the embargo on condition that it further reduces its oil imports from Iran.

Japan has reduced the amount of oil shipments from Iran by an average annual rate of 11 percent over the past 5 years. The Japanese government says it hopes to have the talks settled by the end of this month as the US government has already begun negotiating with Congress on the matter in favor of its request.

If exempted from the embargo, the Japanese government says it will ask Japanese oil wholesalers to reduce the amount of their crude oil imports from Iran.

via NHK

Published on Thursday, 23 February 2012