TOKYO: The US decision not to renew waivers previously granted on Iran oil import sanctions would not disrupt stable supplies to Japan as refiners are securing alternative supplies, the head of the Petroleum Association of Japan (PAJ) said on Thursday.
"WTI (oil index) is expected to remain within a range of $5 above or below the current level of about $65 for the next few months," PAJ President Takashi Tsukioka told a news conference.
He said he does not expect tighter oil markets as the United States is expected to collaborate with Saudi Arabia and United Arab Emirates to keep oil supplies to global markets stable.
The United States on Monday demanded all buyers of Iranian oil stop purchases by May 1 or face sanctions, a move to choke off Tehran's oil revenues that sent benchmark crude prices to six-month highs. Japan is among a group of countries that were previously granted sanctions waivers.