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INTERNATIONAL > U.S.

Japanese companies to halt Iranian oil imports

  • August 31, 2018
  • , Nikkei
  • JMH Summary

Nikkei wrote that JXTG Nippon Oil & Energy, Showa Shell Sekiyu, and Fuji Oil will likely suspend oil imports from Iran in October, speculating that they will make the move in view of Japan’s difficult negotiations with the United States, in which Tokyo is seeking an exemption from the U.S. sanctions on Iran. According to the paper, the three companies will shift their procurement of oil to Saudi Arabia and other nations. The paper speculated that the shift may affect Japanese consumers if gas prices rise as a result of a cut in cheaper Iranian crude oil.

 

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