Japan is slashing its crude oil purchases from Iran by 77 percent in April to comply with new sanctions against the country that will go into full effect on 1 July, oil trade sources said today [Reuters, 18 March].
The Japanese refineries will purchase just 75,000 barrels per day (bpd) of oil from Iran in April, down by 250,000 barrels per day. The cuts are the steepest yet by the four Asian nations who buy most of Iran's 2.2 million bpd of exports. The tightening sanctions make it difficult to pay, ship and insure the Iranian oil.
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