Japan reportedly reduced its Iranian oil imports by 60 percent in October of 2012 compared to the same month last year.
Bloomberg reports that Japan treasury reports indicate that in October, Japan bought 95,000 barrels of oil from Iran. The report also indicates that Japan’s annual oil imports from Iran have gone down by 25 percent compared to last year.
Japan, South Korea and India have reduced their oil dealings with Iran to get an exemption from U.S. sanctions imposed on international trade with Iran.
In March, Japan and other Asian buyers of Iranian oil were exempted from possible U.S. penalties after announcing significant reductions in their oil trade with Iran.
Even China, which has expressed opposition to unilateral sanctions on Iran, has reportedly reduced its oil imports from Iran by 23 percent, and now Russia has replaced Iran as the second-biggest provider of crude to China.
Iranian Parliament has confirmed that Iran’s oil revenues have fallen by 50 percent.