Japan to Extend Cuts in Iran Oil Imports, JX Chairman Says

Japan will import fewer than 160,000 barrels a day of oil from Iran next year to avoid sanctions aimed at the Middle Eastern country’s nuclear program, the head of Japan’s oil industry group said.

JX Nippon Oil & Energy Corp., the country’s biggest refiner, will cut its purchases from the current contract of about 80,000 barrels a day, Yasushi Kimura, who serves as chairman for JX and the Petroleum Association of Japan, said at a press conference today.