Japan Oil Imports From Iran Fall in October on US Sanctions

From Bloomberg

By Jacob Adelman

Japan’s crude imports from Iran slumped 63 percent in October to the second-lowest level since the U.S. exempted the Asian nation from sanctions targeting the Middle East country’s nuclear program.

Oil purchases fell to 469,024 kiloliters, or about 95,000 barrels a day, compared with 1.28 million kiloliters in October 2011, according to data today from the Ministry of Finance. Imports fell 48 percent from September. Japan’s total crude purchases shrank 25 percent from a year ago to 12.7 million kiloliters, the finance ministry said Nov. 21.

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. Since then, the only month during which imports were below October levels was in August, when they were 418,203 kiloliters, a 67 percent decline from the previous year.

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