Japan’s crude imports from Iran fell 65.5 percent in April from a year earlier, ahead of deeper declines that may come from July due to the difficulty in doing business with the Islamic Republic as Western sanctions bite, Reuters
reported Wednesday, May 30. Japan loaded 118,450 barrels per day (bpd) from Iran in April, down 65.5 percent on a year earlier and down 67.7 percent from March’s 355,422 bpd. The European Union’s sanctions on Iran, which will take effect in July, are making it impossible for Japanese buyers to find insurance cover for ships carrying Iranian oil because they rely on insurers and reinsurers from Europe. Still, Iran’s oil exports have not dropped further in May after falling sharply since March, as core customers in Europe and Asia continue to buy ahead of the application of European sanctions.