-
Oil and Gas Emergency Policy: Japan 2013 update
…met its minimum IEA stockholding obligation. Japan’s domestic natural gas production is limited – with production of around 3.3 bcm in 2012. Natural gas supply sources to the country are well diversified. As Japan has no cross border pipelines, the country imported natural gas through 31 liquefied natural gas (LNG) terminals with around 10 bcm of natural gas storage capacity. Key elements of Japan’s overall gas security policy are diversifying its long-term supply contract portfolio, ensuring flexibility of increasing imports in times of an emergency in long term contracts, and using voluntary commercial LNG stocks in industry.
-
Japan's legislation on oil security
…stable supply of oil, transfer or loan Government-Stockpiled Oil as pursuant to the provision of the Ordinance of Ministry of Economy, Trade and Industry.The provisions of the PSDA are triggered when there is an actual or potential shortage of oil due to the occurrence of natural disasters affecting Japan to such an extent that the smooth operation of the national economy is potentially or actually affected (article 4(1) PSDA). Article 10(2) PSDA further specifies that emergency stocks may be released when the national oil supply is disrupted to such an extent that the security of the…
-
Oil and Gas Emergency Policy: China 2012 update
…a net oil importer since 1993. More than 50% of the total crude oil imports came from counties of the Middle East. To prevent a potential shock to the economy caused by an oil supply disruption, the Chinese government has been steadily pushing to build an oil stock reserve system. China has completed four stockpiling facilities. Regarding natural gas, a strong policy push has boosted natural gas supplies, particularly to residential customers, so that its share doubled in 2009; in 2010, domestic supplies met 90% of domestic consumption. The key elements of China’s approach to gas security are to…
-
Oil Market Report - October 2024
…bbl. Oil security in focus Benchmark oil prices bounced sharply higher in early October, as potential oil supply risks once again took centre stage. Escalating tensions between Israel and Iran are fuelling fears of a broader Middle East conflict and disruptions to Iranian exports. Nevertheless, the resolution of a political dispute in Libya that briefly cut its oil exports in half, relatively modest production losses due to major hurricanes sweeping the US Gulf Coast and weak end-user demand have helped to steady markets. At the time of writing, Brent crude oil futures were trading at around $78/bbl, up…
-
Oil Market Report - March 2017
…implied refined product stock drawdowns supporting higher throughput. Highlights Having expanded by 1.6 mb/d in 2016, global oil product demand growth is expected to ease back to 1.4 mb/d in 2017. Early indicators of 1Q17 demand support this, with slowdowns seen in January in Japan, Germany, Korea and India.Global oil supplies rose 260 kb/d in February as OPEC and non-OPEC producers pumped more. At 96.52 mb/d, world oil production stood 170 kb/d below a year ago. OPEC posted a year-on-year decline for the second month running. In 2017 non-OPEC output is set to rise…
-
Oil Market Report - May 2017
…refinery closures in the Middle East, underperformance in Latin America and flat growth in India are not offset by growth in China and Russia. Highlights Weakness in a number of previously solid countries - India, US, Germany and Turkey - curtailed the 1H17 global demand growth estimate by 115 kb/d. Global demand growth is, however, still forecast at 1.3 mb/d in 2017, with demand at 97.9 mb/d.Global oil supply fell by 140 kb/d in April as non-OPEC, and especially Canada, pumped less. At 96.17 mb/d, output stood 90 kb/d below a year ago, even as non-OPEC returned…
-
China's Worldwide Quest for Energy Security
…their domestic resources; but growth eventually overwhelmed them and led to rising oil imports. Within the next decade, China’s oil imports are expected to grow rapidly and outstrip those of many OECD countries. Gas imports are also projected to increase as China switches to cleaner energy. Aware of its growing dependency on imported energy, China seeks a more prominent position in the existing global system of energy production and trade. Where it can, China seeks to open new connections in global markets. Increasingly, external energy policies are entwined in foreign economic and security policies in general. This book documents…
-
Oil Market Report - October 2017
…Following very strong year-on-year demand growth of 2.2 mb/d in 2Q17, the pace slowed to 1.2 mb/d in 3Q17, reflecting relatively weak July and August data and the impact of hurricanes in September. Our forecast of global demand growth remains unchanged at 1.6 mb/d in 2017 (or 1.6%) and 1.4 mb/d in 2018 (or 1.4%).Global oil supply rose 90 kb/d in September to 97.5 mb/d as non-OPEC output edged higher. Output stands 620 kb/d higher than last year. In 2017, non-OPEC supplies are expected to grow by 0.7 mb/d…
-
Japan Oil Security Policy
Country Energy Security Policy - Oil Oil overview Oil remains the most significant energy source in Japan, accounting for about 40% of the country’s total energy supply, even if Japan’s oil demand has been steadily decreasing in line with the country’s overall declining total energy use. This decline was only briefly interrupted after the 2011 Great East Japan Earthquake and its subsequent impacts, when old oil power generation facilities were quickly brought back online to replace temporarily missing nuclear generation.Having no notable domestic production, Japan is heavily dependent on crude oil imports, with between 80% to 90…
-
Oil Market Report - May 2023
…oil demand is forecast to rise by 2.2 mb/d year-on-year in 2023 to an average 102 mb/d, 200 kb/d above last month’s Report. China’s demand recovery continues to surpass expectations, with the country setting an all-time record in March at 16 mb/d. While the OECD is set to return to growth in 2Q23, its average 2023 increase of 350 kb/d pales in comparison with 1.9 mb/d in non-OECD gains.Significant outages in Iraq, Nigeria and Brazil were only partly offset by increases elsewhere, with global oil…
