Japan's Iran Oil Imports Surge in May

Japan's Iranian oil imports surged to the highest level in 14 months in May, when the country imported an average of 211,097 barrels per day, up 31.5% year-on year, preliminary data from the Ministry of Economy, Trade and Industry showed on Friday. The imports of Iranian oil in May had jumped on the back of a last-minute rise in demand ahead of the anticipated US announcement on its decision on Iran sanctions, Platts reported. US President Donald Trump said on May 8 the US would withdraw from the Iran nuclear deal and reimpose sanctions that have been frozen since January 2016 as part of the Joint Comprehensive Plan of Action. Iranian crude imports, which accounted for 7% of Japan's total crude imports of 2.98 million bpd in May, were up close to seven times from 30,910 bpd in April. Japan's Iranian oil imports in May were highest since the country imported an average of 224,604 bpd in March 2017, according to METI data.