Japan is likely to win an exemption from U.S. sanctions by reducing its imports of crude oil from Iran by at least 11 percent per year, the Yomiuri newspaper said on Tuesday.
The two countries reached an agreement at talks last week, with a formal deal expected by the end of this month, the report said, citing unnamed sources.
The United States, angry over Iran's nuclear program, wants Japan, to cut back on Iranian imports.
Japan is the third-biggest customer for Iranian oil. It needs to import more oil in the wake of the Fukushima nuclear crisis, and the country's refiners have yet to make significant cuts, awaiting the Japanese government's instructions. (Reuters)
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