Iran’s crude oil exports to Japan jumped 65 percent year on year in August, marking the fourth consecutive month of increase, Platts reported citing Japan’s Ministry of Economy, Trade and Industry (METI)’s trade data. According to the data released on Thursday, the Asian country shipped in 177,475 barrels per day (bpd) of Iranian crude oil […]
Iran’s crude oil exports to Japan jumped 65 percent year on year in August, marking the fourth consecutive month of increase, Platts reported citing Japan’s Ministry of Economy, Trade and Industry (METI)’s trade data.
According to the data released on Thursday, the Asian country shipped in 177,475 barrels per day (bpd) of Iranian crude oil in August.
Imports of Iranian crude in August edged down 3.3 percent from July, but the Persian Gulf producer was the fifth-largest supplier to Japan in the month, accounting for 5.2 percent of the total volume, according to METI data.
Japan’s oil imports from Iran have surged since May as domestic refiners rushed to secure as many cargoes as possible before U.S. sanctions return.
Accordingly, Japan’s crude oil imports from Iran over January-August averaged 166,890 b/d, up 4.8 percent from a year earlier.
Japanese refiners have urged the government to seek a waiver from the U.S. as they are keen to continue importing usual volumes of Iranian crude.
Japan remains firmly committed to seeking U.S. exemption for Iranian oil imports as it sees the supply as important for the country’s energy security and business, Ryo Minami, METI’s director-general of oil, gas and mineral resources, told S&P Global Platts previously.
