Japan's major distributors mull halt in oil imports from Iran

Major Japanese oil distributors are considering halting oil imports from Iran in response to U.S. demands, sources familiar with the plan said Thursday.Oil companies are planning to make up for the shortfall by increasing purchases from other Middle Eastern suppliers such as Saudi Arabia as imports of Iranian crude oil will likely stop by around October, the sources said.For consumers in resource-poor Japan, the change would mean higher prices for gasoline and related products due to higher procurement costs.The suspension also comes amid the prospect that transaction settlements will be ma…READ FULL ARTICLE