China, Singapore Reduced ``Significantly`` Iranian Oil Imports: Clinton

Friday, June 29, 2012

Washington- (PanOrient News) China and Singapore have significantly reduced their volume of crude oil purchases from Iran, and the U.S. sanctions will not apply to their financial institutions for a potentially renewable period of 180 days, U.S. Secretary of State, Hillary Clinton said in a statement.

A total of 20 world economies have now qualified for such an exception, and their cumulative actions are a clear demonstration to Iran’s government that Iran’s continued violation of its international nuclear obligations carries an enormous economic cost, the statement said.

According to the International Energy Agency (IEA), Iran’s crude oil exports in 2011 were approximately 2.5 million barrels per day, and have dropped to roughly 1.5 million barrels per day, which in real terms means almost $8 billion in lost revenues every quarter. When the European Union oil embargo goes into effect July 1, Iran’s leaders will understand even more fully the urgency of the choice they face and the unity of the international community, according to the statement.

Clinton called on Iran’s leaders to "fully re-join the global economy... and to address international concerns by engaging seriously and substantively in negotiations with the P5+1."

"I urge Iran to demonstrate its willingness to take concrete steps toward resolving the nuclear issue during the expert-level talks scheduled in
Istanbul on July 3. Failure to do so will result in continuing pressure and isolation from the international community."

In Tokyo, the Finance Ministry said on Thursday that Japan's crude-oil imports from Iran fell again in May, in line with its pledge to cooperate with U.S.-led sanctions targeting Iran over its nuclear program.

Japan imported 523,233 kiloliters, or around 106,000 barrels a day, of crude oil from Iran in May, a decline of 46.5% from the same month a year earlier and a drop of 7.4% from April, the Ministry of Finance said.

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