Analysis: Japan power sector oil demand may triple |
| Reuters - Jul 15, 2011 |
Japan's demand for crude and oil products to fuel power plants could triple if the country shuts all its nuclear reactors due to growing public safety concerns after the March earthquake and tsunami.
The country's energy policy was left in tatters after the quake caused by the worst nuclear accident in 25 years. Japan had planned to increase nuclear power supply to meet 50 percent of demand, from 30 percent before the quake. Now, Prime Minister Naoto Kan is talking about a nuclear-free future.
The world's third-largest oil consumer may need to import an additional 350,000 barrels per day (bpd) of crude and fuels to make up for the loss, according to Morgan Stanley. That would be
8 percent of Japan's total oil consumption, straining a market already struggling to compensate for the loss of production from Libya and trading over $100 a barrel. It may need an extra 20 million tonnes of LNG, equivalent to a third of annual demand.
Read Full Article from Reuters
- Posted: 2011-07-16 22:27:25
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