Iranian refiners, including JXTG Holdings and Cosmo Energy Holdings, are eyeing US heavy crudes as a replacement for Japanese stocks ahead of sanctions on the Middle East country and as spot prices drop making the choice economical, according to anonymous sources. Japan has ordered four million barrels of US crude, set to arrive between June and September, in addition to the 2.4 million barrels imported between January and May. The purchases have been seen by some analysts as an attempt by Japan’s Prime Minister Shinzo Abe to appease the US, rather than signing a bilateral trade agreement.
Japanese refiners, including JXTG Holdings and Cosmo Energy Holdings, are eyeing US heavy crudes as a replacement for Iranian stocks ahead of sanctions on the Middle East country and as spot prices drop making the choice economical, according to anonymous sources. Japan has ordered four million barrels of US crude, set to arrive between June and September, in addition to the 2.4 million barrels imported between January and May. The purchases have been seen by some analysts as an attempt by Japan’s Prime Minister Shinzo Abe to appease the US, rather than signing a bilateral trade agreement.