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Iran's largest oil customers consider other options

Published by Steve Coleman on January 05, 2012

Iran's biggest customers may start going elsewhere for the oil that keeps their engines running.

New, ramped-up sanctions against the oil-producing nation over its nuclear program may have China and Japan looking elsewhere, over the long term, for their oil.

EU leaders have already agreed to stop buying oil from the country after an Iranian crowd attacked the UK embassy.

Japan plans to look at cutbacks in its own Iranian crude purchases to collect a waiver on US sanctions against countries doing business with Iran. The sanctions were signed into law on New Year's Eve by President Barack Obama.

According to a Reuters story, China plans to halve its purchases of Iranian oil until at least February.
Estimates say that China, the EU and Japan account for half of the 2.6 million barrels of oil Iran exports every day.

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