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SUPPLY
Japan has struggled to maintain oil output from its small
onshore and offshore fields and there is little chance that decline can
be arrested, as few prospects exist.
Although the country has slightly greater onshore gas production levels,
there are limited possibilities for growth and slow decline is also
forecast for gas.
DEMAND
Japan’s oil imports are second only to the USA but will
soon be surpassed by China, whilst its gas imports (all LNG) are the
highest in the world. Its fully developed economy and long term issues
with economic growth have led to sharp decreases in oil consumption as
the price rose over the last decade
Conversely steady gas consumption growth is expected. New gas imports
from Sakhalin Island in Russia have begun and there is competition with
China for other FSU gas supplies. Nevertheless Japan is a global leader
in looking to conservation and alternatives to maintain its energy
balance.
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