Japan Jan customs-cleared Iran crude imports lowest in 3 months

Japan’s customs-cleared crude oil imports from Iran halved in January from a year earlier to the lowest in three months, Ministry of Finance data showed on Wednesday, as Western sanctions hampered shipments from the Middle East nation.

Japan, the world’s third-biggest user of oil, imported 857,700 kilolitres (174,025 barrels per day) of Iranian crude last month, down 49 percent from 1,698,280 kl in January, 2012, according to the finance ministry’s customs-cleared trade data.

It was the lowest monthly volume since October, when Japan imported 469,024 kl from Iran. Japan’s trade ministry is due to release separate crude import data on Thursday, which is more closely followed by the oil industry as it tracks the actual import status of tankers.

Crude importers can seek customs clearance within three months of a cargo’s arrival or apply to have the load categorized as “import for storage” and held for up to two years before being cleared, meaning the finance ministry data can be out of date. In 2012, Japan slashed Iranian crude imports by 40 percent to 189,076 bpd, even though total oil imports rose 2.7 percent.

The United States renewed waivers on sanctions for Japan and 10 European countries in September, and Japan’s waiver is up for renewal next month.

Tough sanctions from Washington and Europe to force Iran to curb its nuclear programme have cut Iran’s oil exports by more than half last year, costing it more than $5 billion a month. Tehran says the programme is for civilian purposes.