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Japan and Spain Reduce Iranian Oil Imports

26 March 2012 15:48 (UTC +04:00)

Baku â€“ APA. Japan and Spain said this week they had reduced Iranian oil imports and switched to Saudi crude, providing the first evidence that some of Iran’s largest customer nations are reducing their reliance ahead of stifling sanctions this summer, The Wall Street reported.

The disclosures come as Iran’s customers are rushing to sign new supply deals with rival producers, triggering expectations that the Islamic Republic’s overall shipmentsâ€”now broadly stableâ€”could fall by the summer.

The United Kingdom and France had previously stopped buying oil from Iran, though neither had made Iranian crude purchases on the same scale as Japan and Spain in recent months.

"Saudi exports surged recently [to nine million barrels of oil a day] because some customers are preparing for what might happen [this summer] with regards to Iran," a senior Saudi oil official said this week.