WATCHING THE WORLD: The Azadegan pressure play

Iran’s defiance over the development of a nuclear program continues to cast a shadow over supplies of oil to Japan. But the Japanese are not worried.“Unlike in the past two oil crises, we now have ample oil reserves, and I believe we can deal with (emergencies) without a hitch,” said Japan’s Vice-Minister for Economy, Trade, and Industry Takao Kitabata on Aug. 31. Japan depends on Iran for about 15% of its total oil imports.“We have developed alternative resources, and our country is most advanced in the world in energy conservation,” he said. “We have a thoroughgoing system in terms of oil.” Tokyo maintains oil stockpiles able to meet deman...

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