Longtime American ally South Korea, which in 2011 bought about 250,000 barrels per day of Iranian oil -- 10 percent of its total oil imports-has been a big target for the American effort, recently hosting two visits by senior U.S. officials who came to try to persuade it to cut back or Iranian oil purchases. So far at least, the results have not been not encouraging. The Foreign Ministry in Seoul says that no decision has yet been made on the U.S. request, apparently out of fear that the country would be hard pressed to find alternative suppliers to fill in the gap left by Iranian crude.
The picture in Japan is similar. On Friday, Prime Minister Yoshihiko Noda said "the trend is we'll cut oil imports from Iran" amid continuing efforts to secure alternative supplies from other Middle Eastern countries. However, Japanese authorities also pressed the U.S. to permit them exemptions from President Barack Obama's Feb. 6 executive order, which imposes sanctions on foreign institutions involved in helping finance Iranian oil sales.
As a close Iranian ally, China has also dug its heels in-in fact, far deeper than either South Korea or Japan. Beijing turned a blind eye to efforts by American Treasury Secretary Timothy Geithner to get it to cut back on Iranian imports during a January visit and earlier this month the Communist Party newspaper People's Daily described Western efforts to pressure Iran with an oil embargo as "casting a shadow over the global economy."
China is a massive purchaser of Iranian oil, averaging about 550,000 barrels per day in 2011, about 10 percent of its total imports. While purchases have declined over the past several weeks, oil analyst Mark Pervan of ANZ Bank in Melbourne attributes that to Chinese efforts to pressure Tehran to reduce prices in the face of the U.S. pressure. Shum said that Chinese purchases of Iranian oil could increase substantially in coming months, particularly if Iran offers Beijing a discount on its oil sales.
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