The largest Japanese oil wholesaler, JXTG Holdings, is considering to resume Iran oil imports, Head of JXTG Yasushi Onoda told Japanese media ‘NHK’.
JXTG had temporarily suspended imports last month, Onoda said on Wednesday, according to IRNA.
According to NHK, the company is mulling whether Iranian crude oil is economically attractive enough to resume imports.
The important thing is for the company to be able to steadily supply petroleum products, he added.
In 2017, Japan bought 172,000 barrels of oil per day from Iran, which was equivalent to 5.3 percent of the country's need.
Tokyo also bought about 300,000 barrels of oil a day from Iran in 2011, after which its purchases decreased.
After Washington's May 8 exit from the historic Iran Deal, the US gave 90- and 180-day wind-down periods to other countries before it starts re-imposing oil sanctions on Tehran on November 4.
Part of the US' illegitimate sanctions was imposed on Iran on August 9.
On Monday, Trump reinstated the US nuclear sanctions on Iran and imposed as he claimed “the highest level” of economic bans on the Islamic Republic of Iran.
This is while other signatories of Iran Deal condemned the US measure to withdraw from the Joint Comprehensive Plan of Action (JCPOA).
Major global scrap markets observed price correction on weak demand globally. Turkish steel mills booked cargoes at lowered prices amid subdued steel demand. Japan's monthly Kanto tender for Apr'19 fetched bids lower by USD 15 against last month.
Vietnam based steel mill Tong Dong A Corporation - a flat steel specialist mainly producing galvanised steel coils (GI) and galvanised-aluminium steel coils (GL) is planning to to increase its output in 2019.
Following fall in average bids fetched in Kanto monthly scrap export tender, the steelmaker has lowered scrap prices by JPY 500/MT today.
Venezuela is in chaos. Iran is grappling with US sanctions. And now there is a surge of violence in Libya. Trouble in these three OPEC nations has helped send US oil prices climbing back above $64 a barrel.
Indian refiners are holding back from ordering Iranian oil for loading in May pending clarity on whether Washington will extend a waiver from US sanctions against the OPEC-member, four sources said.
Major global scrap markets observed price correction this week. Turkish scrap importers remained away from bulk bookings amid political uncertainty pulling prices down against last week.