Japan Looks To Blunt Impact Of Oil Import Ban

Japan looks to blunt impact of oil import ban

Japanese ministers say the government will consider measures to prevent a US decision on Iranian oil sanctions from affecting Japan's energy supply.

The United States announced on Monday that it will end waivers that allow certain countries and a territory, including Japan, to import oil from Iran.

Chief Cabinet Secretary Yoshihide Suga told reporters on Tuesday that the government had held talks with the US on the issue, seeking ways to avoid causing harm to Japanese companies. But he refrained from offering specifics about the talks.

Suga said the government will exchange opinions with Japanese oil companies on possible measures.

Trade minister Hiroshige Seko said the import ban would have a limited impact. He noted that Iranian oil accounts for only about 3 percent of Japan's oil imports.

Seko added the ministry will closely monitor developments in the global oil market and confer with Japanese companies on what steps to take.