BREAKING NEWS

Japan says no decision yet on Iran oil import cuts

By REUTERS

FEBRUARY 21, 2012 03:24

TOKYO - Japan's trade and foreign ministers said on Tuesday they haven't reached an agreement yet on how much Tokyo will cut Iranian crude imports to win waivers from US sanctions designed to starve Iran of oil revenue.

Japan is likely to reduce imports of crude oil from Iran by at least 11 percent per year, the Yomiuri newspaper said earlier on Tuesday, to win an exemption from sanctions that could shut Japanese banks out of the United States if they facilitate trade in Iranian crude.

Japan and the United States reached an agreement at talks last week, with a formal deal expected by the end of this month, the Yomiuri said, citing unidentified sources.

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