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Japan’s Cosmo Oil Stops Buying Iranian Oil
Japan’s third-largest oil company announced that due to the U.S sanctions, this company will stop buying oil from Iran in November.
On Monday, September 24th, Shunichi Tanaka, the president of Cosmo Oil told Reuters: “Due to the U.S sanctions, beginning in November Japan will not buy any more oil from Iran.”
Last week, the chairman of the Petroleum Association of Japan had announced that Japan’s refineries will stop their Iranian oil intake by the end of October and will use alternative oil until it becomes clear whether Japan can be exempt from following the sanctions or not.
Tanaka announced that Saudi Arabia, United Arab Emirates, and Kuwait have offered to provide the 10000 barrels of oil that Cosmo company buys daily.
President Trump asked the OPEC countries to raise their daily oil production in order to replace Iran’s share in the world market.
Tanaka believes: “Saudi Arabia has the capacity to increase its production to make up for Iran’s oil. They will not be able to provide all of it, but it will be enough for the sanctions not to impact the oil market too much.”
Iran provided 5% of Japan’s crude oil import before the sanctions.
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