business

Japan will consider release of oil reserves if necessary

18 Comments

Japan will consider coordinated release of oil reserves and other measures if needed to ensure sufficient supplies after attacks on Saudi Arabia's oil facilities, its minister of economy trade and industry, Isshu Sugawara, said on Tuesday.

Sugawara has previously said that Japan has oil reserves that are enough to cover more than 230 days of domestic consumption and the ministry will cooperate with the International Energy Agency and other nations and provide the necessary supply of oil, through such means as the coordinated release of its reserves if necessary.

Oil prices rose nearly 15% on Monday, with Brent logging its biggest jump in over 30 years amid record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom's production in half.

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18 Comments
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Doesn't Japan get a lot of Oil and Gas from Russia anyway, apart from the recent price hike this wouldn't even be an issue for Japan.

-2 ( +2 / -4 )

90% of Japanese oil imports are from the Middle East countries. From Saudi 33%. UAE 25%. Qatar/Kuwait 16%.

https://www.enecho.meti.go.jp/en/category/brochures/pdf/japan_energy_2016.pdf

Japan need a Russia LNG pipeline into Hokkaido.

Oil remains the largest sector for energy imports at 44%.

6 ( +6 / -0 )

Prices are up at the pumps, from what I can see-it has already had an effect...

1 ( +1 / -0 )

World oil production down 5%, prices up 15%. I think there is a word for that.

Japan and China may be feeling pressure now to buy Iranian oil once more. Some very clever moves by Iran behind the scenes.

1 ( +2 / -1 )

I mean, Akita already has some of the countries highest gas prices... As far as I know it hasn't really jumped all that much here...

0 ( +0 / -0 )

I don't want to gloat but we've been running our car for 12 year on salad oil - the price (zero yen per litre) never changes :-)

I would be nice if there were some progressive articles pointing out the upside of price rises in oil - a chance for governments to push renewables, energy efficiency etc and other moves to reduce overall emissions.

5 ( +5 / -0 )

Electric cars or hydrogen is the future. Japan with no natural resources especially oil, needs to find a way around this bottleneck.

2 ( +2 / -0 )

If the price of oil rises to the $80-$90 /barrel level, all the twistoflex economics policies will backfire on Abe.

0 ( +0 / -0 )

If the price of oil rises to the $80-$90

0 ( +0 / -0 )

If the price of oil rises to the $80-$90

its doubtful itll get that high again, 1, because the US is pumping much of it own oil now. 2, when we had the last oil spike before the GFC many people started to buy hybrids , now electric cars are coming to market and their prices are comparative to ICE oil companies know that expensive prices will just accelerate the move towards electric and away from ICE cars meaning less customer for its products. They see it now and its the reason the Saudis are trying to diversify its assets away from oil before its too late

2 ( +2 / -0 )

with all the renewable energy in Japan this is just sad

hydrogen is not a fuel it's a battery. Energy is wasted in making it and then using it. It's also at this point an extension of fossil natural gas industry so it keeps the current playas in control. Better to just keep the electricity and produce electricity by any renewable and get a national grid going then you can have local production and break up the monopolies.

Also a lot of home heating need not even go this route given the geothermal resources and nothing but up potential of solar thermal and solar panel.

So much opportunity yet the oyajis keep Japan down. It's annoying

3 ( +3 / -0 )

@ifd66, that is really cool! I know some diehards back home using vegetable oil as fuel (andI’m assuming you have a Diesel). Where do you purify / filter your oil every time you “fill up”?

2 ( +2 / -0 )

yeah lots of cool examples of biodigesters. Popular in the Tiny Home movement.

3 ( +3 / -0 )

the biodigester creates and stores the methane you use as a cooking fuel

0 ( +0 / -0 )

Wait. Iran just blatantly bombs Saudi Arabia oil facilities?! You mean a country can do this and get away with it?! Seems to me that Saudi Arabia allies should step in and blow the smithereens out of Iran. I don’t see how this should be allowed to happen.

-4 ( +0 / -4 )

@GyGene

Why is the attack a surprise to you, Iran has been denied the opportunity to sell its oil, to the benefit of the Saudis. Is Iran to sitback and watch its economy leak wealth to SA unhindered?

I'm not defending Iran, I'm just saying it has to be anticipated that the Maximum Pressure campaign will yield actions from Iran that we all have to balance against the other objective of denying nukes to Iran.

IMHO, we should all be more worried that the champion of the Maximum Pressure campaign has been sacked, and what that means going forward. What stands in the way of a strike on Iran is oil supply, and IF the Saudis focussed on restoring supply quickly, it means they are laying the groundwork for a retaliatory attack on Iran. As if the world need yet another conflict.

1 ( +1 / -0 )

Wait. Iran just blatantly bombs Saudi Arabia oil facilities?! You mean a country can do this and get away with it?!

Yep. Just ask the Iraqis.

0 ( +0 / -0 )

@bearandrodent: yes a diesel Toyota Hilux Surf - using a two tank waste vegetable oil (WVO) system.

It uses an additional small fuel tank for diesel to start/heat the engine, and the main fuel tank for the veggie oil fuel tank to run the car on.

We just collect veggie oil from restaurants and filter it at home.

1 ( +1 / -0 )

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