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India, Japan Say End Of U.S. Oil Waivers Poses No Problems

A picture taken on March 12, 2017, shows an Iranian tanker and a South Korean (R) tanker docking at the platform of the oil facility in the Khark Island, on the shore of the Gulf.

A day after the United States ended its waivers to importers of Iranian oil, India said it has secured enough supplies from other exporters and Japan said it will not face significant problems.

The U.S. on Monday told eight friendly countries who had received six-month exemptions to import limited quantity of oil from Iran to look elsewhere or face sanctions.

India’s Petroleum and Natural Gas Minister Dharmendra Pradhan announced, "Indian refineries are fully prepared to meet the national demand for petrol, diesel and other petroleum products”.

India, Iran’s second biggest client after China had already halved its imports, as others such as Japan and South Korea also reduced their imports.

Japan’s Minister of Economy, Trade and Industry, Hiroshige Seko told reporters at a press conference the government did not see any need to tap national oil reserves.

Japan has already reduced imports from Iran to 3 percent of its needs.

The CEO of Abu Dhabi National Oil Co is in Tokyo on a pre-planned visit.

The White House said on Monday it is working with Saudi Arabia and the United Arab Emirates to ensure the market is fully supplied.

Reporting based on Reuters