Japan's Minister of Commerce: We Are Ready to Resume Oil Imports from Iran

On Tuesday morning, Hiroshige Seko, Japan's Minister of Commerce, told reporters that the country is preparing to resume oil imports from Iran; Japan had reduced its imports in recent months and had even halted purchases in some cases. Mr. Seko stated that the United States has considered the stability of energy supply and its implications for Japanese companies when providing exemptions. The Minister of Economy, Trade, and Industry of Japan also added that Tokyo will closely consult with Washington. Hiroshige Seko said, 'Of course, the final decision rests with private companies (in Japan), but based on the current decision, these companies are likely preparing to resume crude oil imports from Iran.' However, he did not provide details on the amount of imports: 'I cannot comment on the quantity of imports.' Mr. Seko also refrained from confirming or denying whether Japan would reduce oil imports from Iran to zero after the current 180-day exemptions, stating that this depends on future negotiations. The United States has resumed the second round of sanctions lifted following the nuclear agreement as of Monday. The Trump administration withdrew from the nuclear deal last spring. All other parties to the JCPOA have remained in it. Europe, Russia, and China have criticized the U.S. withdrawal from the JCPOA. On the other hand, Washington claims it seeks a new agreement with Iran that addresses broader issues, not only the nuclear program but also the missile program, Iran's activities in the region, 'support for terrorism,' and other matters. Tehran denies the allegations of supporting terrorism. Hassan Rouhani, the President of the Islamic Republic, stated yesterday, 'We have no problem talking as long as the other side values its words, promises, and commitments.' The Supreme Leader of the Islamic Republic, who is effectively the main decision-maker in this matter, has rejected negotiations with the U.S. U.S. Secretary of State Mike Pompeo stated on Monday, November 5, that due to U.S. pressures, more than 20 countries have stopped buying oil from Iran, resulting in a reduction of Iranian oil exports by more than one million barrels per day. He also announced that China, India, Japan, South Korea, Turkey, Italy, Greece, and Taiwan have been exempted from Iranian oil sanctions for six months. A report from the U.S. Energy Information Administration this year shows that China and India are at the top of the list of Iran's oil importers. The amount of imports from countries like Japan and South Korea has varied and in some cases has dropped to zero. These four countries and Turkey have held negotiations in recent months regarding the continuation of oil purchases from Iran. Other buyers of Iranian oil in these statistics include the United Arab Emirates, Italy, Spain, and France.