Japan oil product demand to fall by 16% in 5 years
Japan’s demand for oil products will fall by 16% in the next five fiscal years to 161 million kiloliters, or by an annual average of 3.5%, the Ministry of Economy, Trade and Industry projects. The country’s fuel oil consumption in the fiscal year ended March 31 was down by 4.6% to 192 million kiloliters, METI reported. Demand for naphtha and jet fuel is expected to fall by less than 1% per year over the five-year period, while demand for gasoline, kerosene, gasoil and heavy distillates is expected to decrease more steeply, METI said in an annual report. Japan’s oil demand has been falling due to the wide adoption of energy-efficient technologies and the shift to cleaner-burning natural gas. (April 2, 2010)