TOKYO: Japanese refineries have put a halt on imports of Iranian oil after buying 15.3 million barrels between January and March ahead of the expiry of a temporary waiver on US sanctions, according to industry sources and data on Refinitiv Eikon.
The waiver, which allowed Japan to buy some Iranian oil for another 180 days, expires in early May. However, Japanese refiners want to ensure enough time for all cargoes already loaded to arrive in Japan and for payments to be completed.
“We think it would be difficult to keep on lifting Iranian oil after March,” a Fuji Oil spokesman said, noting that banks and insurance companies want to make sure all the transactions and deliveries are done well before the waivers expire.
The last Iranian oil cargo onboard supertanker Kisogawa is expected to arrive at Chiba, Japan, on April 9, the data showed.
The United States last year demanded that nations cut all Iranian oil imports when it reimposed sanctions on the country’s petroleum sector on Nov. 4 over Tehran’s nuclear program.
However, Washington granted temporary exemptions to Iran’s biggest oil clients — Japan, China, India, South Korea, Taiwan, Italy, Greece and Turkey.
Refiners in Japan, the world’s fourth-biggest oil consumer, had stopped loading Iranian oil by mid-September, and only resumed loading in late January after banks received government assurances about processing payments to Iran.
Japan has loaded 15.3 million barrels of Iranian crude in the first three months this year, which is equivalent to 86,430 barrels per day (bpd) during the six-month waiver period, according to Refinitiv data and Reuters calculations.
This represents a 33 percent drop from an average of 129,300 bpd that Japanese companies lifted between January and September last year before the sanctions kicked in, Refinitiv data showed.
The drop was more than the 20 percent reduction in supplies that Washington was said to have sought from each country over the six-month waiver period.
Japan has increased imports from the Middle East, Russia and the Americas as its Iranian imports fell, according to government data.
Japanese refiners have been pushing the government to seek an extension of the US sanctions waivers after the initial exemption period expires.
Japanese officials and their US counterparts met earlier this month in Washington to discuss the US sanctions.
“I think the waiver could be extended, but maybe for a smaller volume and for a smaller number of countries,” said Takayuki Nogami, chief economist at Japan Oil, Gas and Metals National Corp.
“If the US government does not extend the waiver, it could push crude oil prices up significantly as the gasoline season approaches and it could hurt Trump’s reputation,” he said.
On Wednesday, Japan extended state-backed insurance to cover imports of oil from Iran for another year.
Japanese refiners halt Iran oil imports as waiver expiry looms
Japanese refiners halt Iran oil imports as waiver expiry looms
- The last Iranian oil cargo onboard supertanker Kisogawa is expected to arrive at Chiba, Japan, on April 9
- The US last year demanded that nations cut all Iranian oil imports when it reimposed sanctions
Saudi Arabia, Japan trade rises 38% between 2016 and 2024, minister says
RIYADH: Trade between Saudi Arabia and Japan has increased by 38 percent between 2016 and 2024 to reach SR138 billion ($36 billion), the Kingdom’s investment minister revealed.
Speaking at the Saudi-Japanese Ministerial Investment Forum 2026, Khalid Al-Falih explained that this makes the Asian country the Kingdom’s third-largest trading partner, according to Asharq Bloomberg.
This falls in line with the fact that Saudi Arabia has been a very important country for Japan from the viewpoint of its energy security, having been a stable supplier of crude oil for many years.
It also aligns well with how Japan is fully committed to supporting Vision 2030 by sharing its knowledge and advanced technologies.
“This trade is dominated by the Kingdom's exports of energy products, specifically oil, gas, and their derivatives. We certainly look forward to the Saudi private sector increasing trade with Japan, particularly in high-tech Japanese products,” Al-Falih said.
He added: “As for investment, Japanese investment in the Kingdom is good and strong, but we look forward to raising the level of Japanese investments in the Kingdom. Today, the Kingdom offers promising opportunities for Japanese companies in several fields, including the traditional sector that links the two economies: energy.”
The minister went on to note that additional sectors that both countries can also collaborate in include green and blue hydrogen, investments in advanced industries, health, food security, innovation, entrepreneurship, among others.
During his speech, Al-Falih shed light on how the Kingdom’s pavilion at Expo 2025 in Osaka achieved remarkable success, with the exhibition receiving more than 3 million visitors, reflecting the Japanese public’s interest in Saudi Arabia.
“The pavilion also organized approximately 700 new business events, several each day, including 88 major investment events led by the Ministry of Investment. Today, as we prepare for the upcoming Expo 2030, we look forward to building upon Japan’s achievements,” he said.
The minister added: “During our visit to Japan, we agreed to establish a partnership to transfer the remarkable Japanese experience from Expo Osaka 2025 to Expo Riyadh 2030. I am certain that the Japanese pavilion at Expo Riyadh will rival the Saudi pavilion at Expo Osaka in terms of organization, innovation, and visitor turnout.”
Al-Falih also shed light on how Saudi-Japanese relations celebrated their 70th anniversary last year, and today marks the 71st year of these relations as well as how they have flourished over the decades, moving from one strategic level to an even higher one.
