Iran explores oil sales to Japan as buyers seek longer sanctions waiver
Any resumption of Japanese purchases would mark a symbolic shift in Iran's export base, which has leaned heavily on Chinese buyers since 2019, though the near-term impact on flows looks limited given the temporary waiver's narrow window and unresolved shipping risk. Well-stocked Asian refiners are unlikely to rush into orders under a waiver expiring August 21, meaning independent Chinese refiners are likely to remain Iran's primary buyer for now. The bigger signal for markets is the direction of travel: any move by Japan back into Iranian crude would depend heavily on how quickly Hormuz insurance and safety conditions normalise, a variable still clouded by continued Iranian naval activity and mine risk in the strait.
Iran has opened talks with Japanese buyers on resuming oil sales for the first time since 2019 under a US sanctions waiver, but companies want a longer waiver and safety assurances over Hormuz shipping before committing, sources say.
Summary:
- Iran has begun talks with Japanese companies about resuming oil sales under a US sanctions waiver issued on June 22 and set to expire August 21
- Three Japanese buyers are looking at possible crude purchases from Iran, which would be their first since Japan halted buying in 2019
- Prospective buyers are seeking a longer sanctions waiver and reassurances about ship safety before proceeding, given shipping times and existing contracts
- Iran's national oil company has told traditional customers including Japan that it would like them to resume purchases once a peace deal is concluded and sanctions are lifted
- The Strait of Hormuz remains far from safe, with a container ship attacked last week and the UN's shipping agency estimating around 80 floating mines in the central waterway
- China has remained Iran's main oil buyer since 2019, and trade sources say independent Chinese refiners are likely to stay the primary customer given the waiver's short duration
Iran has opened talks with Japanese companies about resuming oil sales under a temporary US sanctions waiver, though prospective buyers are seeking a longer waiver period and reassurances about tanker safety before committing to any purchases, according to three Iranian and Western sources cited by Reuters (may be gated).
The waiver, part of 60-day peace talks between Tehran and Washington, was issued on June 22 and expires August 21. Two Iranian sources said three Japanese buyers were examining possible crude purchases from Iran that would mark their first since Japan halted buying in 2019, when tightened US sanctions following Washington's withdrawal from Iran's nuclear pact prompted Japan, South Korea, India and European countries to stop importing Iranian crude. A Western industry source said Japanese and Iranian officials were in initial discussions on the matter separately, though an official at Japan's Ministry of Economy, Trade and Industry said he was unaware of any such talks, and Japan's foreign ministry and the US Treasury did not immediately respond to requests for comment.
A separate METI official said any purchases would ultimately be a matter for private Japanese companies to decide, and that it remained unclear whether such deals would proceed given shipping times, existing contracts and the need to ensure the safety of any tanker voyage. A senior Iranian official said any agreement would require Washington to extend the current waiver given the length of the shipping route between Japan and Iran, adding that cargoes would be loaded at Iran's Kharg Island and carried on Japanese-operated tankers. A senior Iranian oil ministry official said the National Iranian Oil Company had approached traditional customers, including Japan, indicating that Iran would welcome a resumption of purchases once a peace deal is concluded and sanctions are lifted. Iran's oil ministry did not respond to a request for comment.
Shipping through the Strait of Hormuz remains far from normalized, complicating any near-term resumption of trade. A container ship was attacked in the strait last week by Iranian forces, and Iran's Revolutionary Guards have said all transits need to be cleared with Tehran first, while the United Nations shipping agency estimates around 80 floating mines remain in the waterway's central section. A senior official at a major Japanese oil refiner said securing insurance would be the biggest hurdle to any purchase. Trade sources and analysts said the temporary waiver was unlikely to draw significant orders from well-stocked Asian refiners in the near term, leaving independent Chinese refineries as Iran's main buyer for now.
This article was written by Eamonn Sheridan at investinglive.com.提供 MainLink：Investinglive RSS Breaking News Feed
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