Japan is a huge net importer of oil. It needs to do business with Iran, even though the nation is under sanctions because of its nuclear weapons program. The US wants to put maximum pressure on Iran by sharply reducing its ability to export oil.
Japan and the US have come to a compromise so that each gets a little of share its wants.
Japan is close to agreement with Washington on the size of cuts refiners must make in imports of Iranian crude oil to win waivers from U.S. sanctions, two ministers said on Tuesday after a media report the two sides would settle on an 11 percent cut.
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