China, India plan Iran oil cuts of 10% or more

As of January 2012, Iran exports 22% of its oil to China, 14% to Japan, 13% to India, 10% to South Korea, 7% to Italy, 7% to Turkey, 6% to Spain and the remainder to France, Greece ( other European countries), Taiwan, Sri Lanka, South Africa.

China, India plan Iran oil cuts of 10% or more.(JPost).Beijing/NewDelhi - China, India and Japan are planning cuts of at least 10 percent in Iranian crude imports as tightening US sanctions make it difficult for the top Asian buyers to keep doing business with the OPEC producer.
The countries together buy about 45 percent of Iran's crude exports. The reductions are the first significant evidence of how much crude business Iran could lose in Asia this year as Washington tries to tighten a financial noose around Tehran.European Union ban on Iran oil imports, which comes into effect on July 1, to restrict the flow of vital foreign exchange to Tehran under pressure over its nuclear program.
Japan is close to an agreement with Washington on the size of cuts needed to win waivers from the US sanctions, two ministers said. The Yomiuri newspaper, citing unidentified sources, said the two sides would settle on an 11 percent cut.
The Indian government is pushing its refineries to cut imports by at least 10 percent, two sources said. India has said it will not abide by US unilateral sanctions, so its response could indicate the increasing uncertainty of doing business with Iran.
China's Unipec, the trading arms of Sinopec Corp, is likely to cut imports by 10 percent to 20 percent under 2012 supply contracts, a Chinese industry executive with direct knowledge of the deal said.
Reuters calculates China's total cuts this year will amount to about 14 percent.
In a further blow to Tehran, East Asian purchases of Iranian fuel oil is set to slump to a six-month low in March, according to comments from Singapore-based oil traders and an examination of shipping reports.
India is Iran's second-biggest crude buyer after China. Iran provides about 12 percent of India's demand, or 370,000 barrels per day (bpd).
New Delhi indicated refineries should cut their imports from Iran by about 10-15 percent in the year through March 2013, one source said.
Another source said the cut should be "substantial."Still, sanctions are cutting off payments routes. India's refiners have used Turkey's state-controlled Halkbank for payments to Iran in euros since the middle of 2011, but are unsure how long that route will last given tougher EU sanctions. Turkey is seeking membership of the EU.Hmmmm.....Turkey imports at least 175,000 barrels a day from Iran and intends to increase it's import they don't need a waiver and risk no sanctions since they're Obama's 'trusted' allies.Read the full story here.