January Iran oil imports fall 23%

Bloomberg

Japan’s crude imports from Iran in January fell 23 percent from a year ago to 1.67 million kiloliters, or 338,900 barrels a day, according to data from the Ministry of Economy, Trade and Industry.

Oil purchases from Saudi Arabia rose 20 percent to 6.52 million kiloliters in the month. Japan’s total crude imports dropped 1.9 percent to 19.41 million kiloliters, according to the data. Oil product exports fell 41 percent to 1.544 million kiloliters, while imports gained 10 percent to 3.17 million kiloliters, the data showed Thursday.

Japan, the world’s second-biggest buyer of Iran’s crude after China, is seeking an exemption to a U.S. law that would punish banks that do business with Iran. The nation is proposing to the U.S. that it will cut imports from Iran by at least 11 percent annually from this year.