Japan’s oil distributors will cut imports from Iran in response to U.S. sanctions following indications from Secretary Mnuchin that exemptions will only be temporary. That shouldn’t be an insurmountable problem given Iran accounted for just 5% of Japan’s imports in the past 12 months after a 25% decline. Major suppliers including Saudi Arabia (40%) and the UAE (25%). The sanctions also represent an opportunity for U.S. oil suppliers – so far Japan only accounted for 1% of U.S. exports. Replacing Iran in Japan would add 11% to total U.S. exports, proving particularly useful given...