EU decision on banning Iran oil import may cause oil price hike-Japan

Japan is worried over the European Union’s decision to ban the oil import from Iran, said on Friday Japanese Minister of Economy, Trade and Industry Yukio Edano. “This is a very serious decision that can influence oil prices,” stressed Edano. The minister noted that an oil price hike can become a harmful factor for the Japanese economy. “We should take necessary measures to lower damage from an oil embargo for our country,” Edano noted. The EU countries reached an agreement of principle to slap down a ban on import of Iranian oil last Wednesday. The final decision on this question can be taken late this month at a meeting of the EU Council at the level of foreign ministers. Last Thursday, the Japanese Foreign Ministry already expressed anxiety over the EU decision and reported that Japan does not plan to join an oil embargo against Iran. “We do not consider a possibility of turning down Iranian oil,” emphasized the Japanese Foreign Ministry. Japan buys 10 percent of its annual oil import from Iran. Tokyo’s requirements for fuel have sharply increased after the disaster at the Fukushima-1 nuclear plant and the stoppage of most of nuclear reactors in Japan.