News ID: 231371
Published: 0330 GMT September 14, 2018

Japan buyer loads Iranian oil cargoes for October arrival

Japan buyer loads Iranian oil cargoes for October arrival

A Japanese buyer loaded oil cargoes from Iran for arrival in early October, market sources said.

A source said that the VLCC is arriving in Japan in early October after having loaded Iranian oil, Platts reported.

Japan's government is still pressing the US to allow the country to continue to import Iranian oil.

Japan's Iranian oil imports increased year-on-year for the third consecutive month in July as refiners rush to take cargoes before US sanctions come into effect in November.

Over January-July, Japan imported an average of 165,343 bpd of Iranian oil, compared with 153,074 bpd imported over January-April.

Iranian imports accounted for 5.2 percent of Japan's total crude imports of 3.19 million barrels per day in the fiscal year ended March 31.

Ryo Minami, the director general of oil, gas, and mineral resources at Japan’s Ministry of Economy, Trade and Industry (METI) has said stopping Iranian oil exports would trigger a "substantial rise" in oil prices that would not benefit anyone.

"As Japan considers keeping importing the crude oil, we intend to tell the US this stance, and we aim to secure their understanding," he was quoted as saying in July.

   
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