Japanese oil industry reacts to Iran waiver

Baku, November 5, AZERTAC

Japanese oil dealers have welcomed the US decision to grant Japan and seven other countries a temporary waiver for its ban on Iranian oil imports, Japanese public broadcasting organization NHK reported.

They stopped importing Iranian crude oil in October, in advance of resumed US economic sanctions on Tehran.

They say they'll decide whether to resume imports from the country after studying the conditions of the waiver.

Iran accounted for 5.5 percent of Japan's oil purchases last year. Crude prices have been rising ahead of the return of those US sanctions.

The average price of regular gas at Japanese pumps is up nearly 20 percent from a year ago. It rose to 160 yen, or 1.40 dollars, per liter for the first time in nearly 4 years last month.

Experts say the waivers will ease the supply and demand of oil and help lower global crude prices.

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