Japanese refiners have stopped buying Iranian crude ahead of the November 4 deadline set by Washington to all countries doing business with Iran before economic sanctions return. Reuters quoted today the head of the Petroleum Association of Japan as saying, “It is my view that each firm is taking the same stance and temporarily suspending (the loading) and watching the situation carefully.” Japan is one of Iran’s largest oil importers, but it is also the United States’ staunchest ally in Asia—and the combination of the two has not worked to Tokyo’s advantage. While the government has been trying to secure a waiver from the U.S. State Department, the Japanese economy seems to be dependent enough on U.S. lending to make local refiners extra-cautious. Reuters confirmed the sentiment by noting many Japanese refiners had resigned themselves to the reality that they must stop importing Iranian crude and instead, look for […]