Reuters: Iran seeks to revive oil exports to Japan under US waiver

Iran has launched discussions with Japanese companies on the potential resumption of crude oil exports under a temporary US sanctions waiver, although prospective buyers are seeking a longer exemption period and assurances over the security of shipping routes, Reuters reports, citing three Iranian and Western sources.

The waiver, granted as part of the ongoing 60-day peace negotiations between Tehran and Washington, took effect on June 22 and is set to expire on August 21.

Two Iranian sources said three Japanese firms are considering importing Iranian crude for the first time since 2019. A Western industry source familiar with the matter also confirmed that preliminary talks between Japanese and Iranian officials on possible oil purchases are underway.

A representative of Japan's Ministry of Economy, Trade and Industry (METI), which oversees the country's fuel supply system, made it clear that he was not aware of such negotiations. Japan's Foreign Ministry and the US Treasury did not immediately respond to Reuters' requests for comment.

Japan, South Korea, India and several European countries halted imports of Iranian oil after the United States tightened sanctions following President Donald Trump's withdrawal from the Iran nuclear agreement in 2018. Since then, China has remained Tehran's principal oil customer.

A separate METI official told Reuters in June that any decision to buy Iranian crude would rest with private companies, adding that uncertainty remained due to shipping times and existing supply contracts. The official also noted that the safety of tanker operations would need to be guaranteed.

A senior Iranian official stated that an extension of the current US waiver would be necessary for any transaction to proceed, given the time required to transport crude between Iran and Japan. The official added that shipments would depart from Kharg Island using Japanese-operated tankers.

According to another senior official from Iran's Oil Ministry, the National Iranian Oil Company (NIOC) has contacted traditional customers, including Japan, indicating that it hopes they will resume purchases if a lasting peace agreement is reached and U.S. sanctions are lifted.

By Bakhtiyar Abbasov