China, Japan, India plan Iran oil cuts

China, India and Japan are looking to cut Iranian oil imports by at least 10% in a bid to bolster US sanctions against the Middle Eastern nation’s alleged nuclear weapons program, Reuters reported. Unipec, a subsidiary of Sinopec (SNP.NYSE, 600028.SH, 0386.HKG), will cut Iranian oil imports by 10-20% in its 2012 contracts, according to one unnamed Chinese industry executive. China already reduced its crude oil imports from Iran in the first quarter of 2012 as it negotiated full-year contracts. Taking those cuts into account, Reuters estimates China’s Iranian oil imports will fall by around 14% this year. Moreover, two Japanese ministers were said to be on the verge of an agreement with the US to cut their Iranian imports by 11% in order to win waivers from US sanctions. India’s government is also said to be pushing its oil refineries to reduce Iranian oil imports by at least 10%, according to two unnamed sources.