Tehran, Iran, May 14
By Mehdi Sepahvand -- Trend:
All contracts about Iran selling Japan oil have been extended for one year, said Iranian Deputy Oil Minister Mohsen Qamsari.
He added while the contracts total 120 thousand barrels a day, Iran is currently exporting to Japan more than that amount to reach 130 thousand barrels some days, Mehr news agency reported May 14.
Qamsari pointed out that Iran and Japan have already held several meetings to boost the amount.
Iran's share of the Japanese oil market is five percent, while Saudi Arabia leads with 22.4, followed by Kuwait with 9.1, Qatar with 9.3, Russia with eight, and Mexico with 2.73 percent.
Iran plans exporting 350 thousand barrels a day of crude to Japan to make the East Asian country's third leading oil provider with a share of 10 percent.
Rivalry to gain a bigger share of the Japanese oil market has intensified in recent years as the intake of the country's refineries dropped from about 5.5 to 3.5 mbpd.