Japan and Spain reduce Iranian oil imports
Japan and Spain said this week they had reduced Iranian oil imports and switched to Saudi crude, providing the first evidence that some of Iran's largest customer nations are reducing their reliance ahead of stifling sanctions this summer.
``At present, Iran exports some 450,000 barrels of crude oil to Europe, accounting for 18 percent of total oil exports to the continent. Greece, Italy and Spain are the major importers of Iranian crude in the Europe. So, imposing embargoes on Iranian oil will cripple the three countries,'' Seyyed Emad Hosseini told the Fars news agency.If the European countries decide to replace Iranian oil, they have to change all their refining installations and facilities to meet specified API degree, he added.The United States, Britain and Canada announced new measures against Iran's energy and financial sectors on November 21, and France proposed new sanctions, including the freezing of Central Bank of Iran assets and suspending the purchase of Iranian oil.