Pressed by U.S., Asian Countries Look for Ways to Reduce Purchases of Iranian Oil

(New York Times) Keith Bradsher and Clifford Krauss - Under growing pressure from the U.S., some of Asia's largest economies are reluctantly looking for options to reduce the amount of oil they buy from Iran. The decision by South Korea and Japan to try to accommodate Washington's demands follows reports that China has already reduced its purchase of Iranian crude in the past month in a pricing dispute with Tehran. China, Japan, India and South Korea together import more than 60% of Iranian oil exports. Traders from those countries have been putting out feelers to Russia, Vietnam, West Africa, Iraq and especially Saudi Arabia to export more oil to them, according to oil experts.

2012-01-10 00:00:00

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