Japan's JXTG to restart oil imports from Iran

08 November, 2018, 18:13 | Author: Myra Gill
  • Iranian Foreign Minister Mohammad Javad Zarif speaks at the Iranian Parliament in Tehran Iran

Later at another press conference, the State Department said its goal is to go down to zero oil import from Iran and during the next six months, it will monitor the diplomatic progress and the price of oil to ensure that the imposition of the sanctions was calibrated in the right way. The U.S. government forecast the nation's oil output will increase at a record pace this year, while industry data signaled American crude inventories rose last week.

As noted in a Center for Strategic and International Studies (CSIS) report released before the exemptions were announced, Japan and South Korea have both zeroed out their imports from Iran.

The port provides key supply route to landlocked Afghanistan.

The United States is warning other countries not to allow Iranian oil tankers into their territorial waters or ports, saying such access may run afoul of us sanctions and not only incur penalties, but also result in catastrophic economic and environmental damage should an accident occur. The group led by Saudi Arabia will gather in Abu Dhabi this weekend as they face a fresh surge of USA shale oil threatening to unleash a new surplus in 2019.

"We have chose to issue temporary allotments to a handful of countries responsible to the specific circumstances and to ensure a well supplied oil market".

US West Texas Intermediate (WTI) crude oil futures were at $61.69 per barrel at 0221 GMT, 2 cents above their last settlement.


The foreign minister further stated that while previous US Presidents have also displayed "disrespectful attitudes" towards Iran, they have eventually changed their stance, and said the Trump administration will have to do the same. Total volume traded was nearly double the 100-day average. The contract fell 1.4 percent to close at $72.13 on Tuesday. The global benchmark crude traded at a US$10.13 premium to WTI for the same month. The output will average 10.9 million barrels a day this year, up from 9.35 million in 2017, the biggest gain on record, according to the Energy Information Administration.

Meanwhile, US crude inventories rose by 5.8 million barrels in the week ending November 2, to 431.79 million barrels, the EIA said.

Japan leading crude oil wholesaler JXTG Holdings Incorporation says it is preparing to resume imports from Iran after the U.S. issued a waiver for Tokyo to continue its purchases of oil from the Islamic Republic.

The Hindustan Times had earlier reported Chabahar had been possibly given an exemption as it had not figured in the comprehensive list of 700 sanctioned Iranian individuals and entities - 400 from the earlier rounds of sanctions and 300 new - that was published by the U.S. treasury department on Monday.

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