Japan's Idemitsu renews Iran oil deal, cuts volume
Japanese oil refiner Idemitsu Kosan Co has renewed its annual crude oil purchase deal with Iran but cut the volume in line with its peers to comply with U.S. sanctions against the Islamic nation, industry sources said on Friday. The United States and European Union have stepped up measures to reduce Iran's oil trade, aiming to stem the flow of petrodollars to Tehran in a bid to force it to halt a nuclear program the West suspects is intended to produce weapons. Idemitsu had a term Iranian crude contract worth about 7,000 barrels per day for ...
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