Iran has begun negotiations to sell crude oil to Japan, according to a foreign media report, after the United States temporarily permitted sales of Iranian crude following a memorandum of understanding (MOU) ending hostilities with Tehran.
Reuters reported Tuesday, citing multiple Iranian and Western sources, that Iran has started talks with Japanese companies on crude oil sales.
However, the companies interested in purchasing are demanding an extension of the U.S. sanctions waiver period and guarantees of safe maritime transport in the Persian Gulf, the report said.
This marks the first time a country other than China, the largest importer, has been identified as interested in buying Iranian crude following the temporary lifting of sanctions. Previously, after U.S. President Donald Trump withdrew from the Iran nuclear deal (JCPOA) in 2018 and sanctions were strengthened, South Korea, Japan, India and European countries halted imports of Iranian crude.
As part of the MOU, the U.S. Treasury Department issued a "general license" on the 22nd of last month for the production, sale, delivery and unloading of Iranian crude oil, petrochemical products and petroleum products. However, some analysts note that with the license period running only until the 21st of next month, realistic crude oil sales would be difficult to achieve.
Mohammad Bagher Ghalibaf, speaker of the Iranian parliament who led Iran's negotiating team, claimed on the 30th of last month, "Since the U.S. maritime blockade was lifted, we have exported more than 40 million barrels of oil," adding, "We are selling crude at prices 20% higher than before the war." Ship-tracking firm TankerTrackers.com also estimated that Iran had exported more than 50 million barrels of crude since the maritime blockade.
Japan relies on the Middle East for more than 90% of its crude oil imports. According to public interest foundation Nippon.com, Japan's crude oil imports plunged 60% year-on-year since April, and a shortage of naphtha, refined from crude oil, has caused difficulties such as food company Calbee switching some product packaging to black-and-white.
