(Source photos by Reuters and screenshot from Idemitsu's website), Replacing Russian LNG from Sakhalin-2 would cost Japan $15bn, Energy guru Yergin: Putin has destroyed the economy he built, Iran nuclear talks hang in balance after Russia invades Ukraine, Shadow of Iran oil failure looms over Japan's Sakhalin decision, Oil firms, Asia shares drop as Ukraine talks make little progress.
Phasing out.
With limited spare capacity and low oil inventories, we reiterate our positive price outlook and continue to advise risk-taking investors to add long positions in longer-dated oil contracts in Brent, or sell Brents downside price risks.". All quotes delayed a minimum of 15 minutes. Hagiuda said he told Granholm that each country has a different energy security situation and each country's stance is important. Japanese stakeholders also receive Sokol crude oil from the Sakhalin 1 project, corresponding to their stakes, and sell their equity crude in the market, according to a Japanese stakeholder.
Japan's industry minister showed a negative view Wednesday about keeping pace with the European Union over its plan to ban oil imports from Russia as an additional sanction against Moscow following its invasion of Ukraine. The four Middle Eastern countries provided about 90% of the (Japanese) oil supply in total.. 
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. API users can feed a custom application. The move by Tokyo comes as Brussels sixth sanctions against Russia published June 3 also includes prohibition of EU operators insuring and financing seaborne transport of Russian oil to third countries after a winddown period of six months. %PDF-1.6
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To reduce dependence on Russia in the energy field, Japan asked the United States to increase liquefied natural gas output, Hagiuda said, adding that Japan is considering providing loans to Japanese firms which take part in the U.S. LNG projects. The Trading Economics Application Programming Interface (API) provides direct access to our data.
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He did not elaborate. White label accounts can distribute our data. He notes that dwindling spare capacity within the group means that a faster production increase would reduce that spare capacity even more. Premier says interests in Sakhalin 1, 2 will be maintained, Poll shows public approves of sanctions over Ukraine invasion, G-7 Leaders Commit to Banning Imports of Oil From Russia, Musk Lieutenant Scrutinized inInternal Tesla Purchasing Probe, These Are the Worlds Most (and Least) Powerful Passports in 2022, Chinas Top Chipmaker Achieves Breakthrough Despite US Curbs, CovidSupply Chain Chaos Is Just a Dress Rehearsal for Whats Next, ECB Rushes to Tighten as Half-Point Hike Matched by Crisis Tool. 
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The country imported a total of 89 million barrels of oil in March. 
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In his meeting with U.S. Energy Secretary Jennifer Granholm earlier Wednesday, the two shared "the importance of maintaining energy security" amid the Russian invasion of Ukraine that started in late February, according to their joint statement. (UBS). | KYODO NEWS, Jul 18, 2022 This content was commissioned by Nikkei's Global Business Bureau. On Friday, trading firm Marubeni Corp (8002.T) said it wanted to withdraw from the Sakhalin-1 oil project but was keeping its stake in line with government policy. Japan is winding down its purchases of Russia crude oil, in alignment with other Group of Seven nations. By continuing to browse this website, you accept cookies which are used for several reasons such as personalizing content/ads and analyzing how this website is used. For more info go to our Cookie Policy, Indias FY23 growth forecast cut to 7%, RBI to stay hawkish, industry body says, China takes steps to ease up on regulatory crackdown as economy slows, Guangdong tops GDP list with solid H1 performance, Shrugging off Russia maritime business loss, Cyprus targets Asia shipping, Rules Uncertainty Plagues Dry Bulk and Tanker, Guide for Carriage of Hazardous Materials, Subscribing I accept the privacy rules of this site, Hamburgs harbour master retires after 28 years, Liquified CO Carrier for Transporting CO. read more. "Japan has limited resources and it is difficult for us to immediately align ourselves" with the EU, Economy, Trade and Industry Minister Koichi Hagiuda told reporters in Washington after meeting with senior U.S. officials.
The sanctions were effective immediately but include transition periods and some temporary exemptions, the EU said in a statement. For more detail, please see Crude oil: OPEC+ production increase in line with deal, published on 5 May 2022.
Japan's Prime Minister announced a phased retreat from Russian gas imports, but the Chief Investment Office's commodities team believes that will have little impact on global oil prices. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Japanese industry minister says government intends to phase out Russian oil in a way that minimises adverse effects. Second-ranked Idemitsu Kosan Co Ltd (5019.T) also said it has no plan to purchase Russian crude. Our Standards: The Thomson Reuters Trust Principles. Advanced users can use our Python/R/Matlab packages.
"As for the timing of the reduction or stoppage of (Russian) oil imports, we will consider it while gauging the actual situation," he said. A report from Kyoto News provided additional context on how much oil Japan imports from Russia, observing that Russia accounted for 3.6% of Japanese crude oil imports in 2021, coming after Saudi Arabia, the United Arab Emirates, Kuwait and Qatar. Base metals not specified elsewhere, cermets. "It is necessary for countries to do what they can do to keep pace," Hagiuda said, while adding his government wants to "share the same direction" after U.S. President Joe Biden expressed his intention to hold talks among the Group of Seven nations by the end of this week on imposing more sanctions against Russia. Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century. | KYODO NEWS, Jul 19, 2022
Kishida also told reporters in Tokyo on Monday there was no change to the plan for Japan to retain its interests in the Sakhalin 1 and 2 Russian oil and natural gas projects. We are scrutinizing the impact for the energy security, and if there is any impact, we will consider measures, the source said, adding that the countrys pledged phase-out of Russian oil imports will be gradual while ensure its energy security. Globally, the United States will be indispensable for securing a stable energy supply, Hagiuda said. | KYODO NEWS, Jul 17, 2022 With Japan joining G7 nations in phasing out Russian oil purchases, UBS's Chief Investment Office (CIO) addressed what impact they expected this development to have on the global oil market, and emphasized their views on the energy market overall.
China is investing in and developing projects across the world - how are those moving forward and are they on course to deliver China's goal of becoming the primary global power by 2049. 2022 Data 2023 Forecast 1992-2021 Historical. "Japan's major refiners have already suspended signing any new term contracts to buy Russian oil and there have been no issues in securing alternatives," Shinya Okuda, senior managing director of the Petroleum Association of Japan (PAJ), told Reuters.
6 minutes ago - 19:36 | All, Japan, World, Coronavirus.
Japans Mitsui, at 12.5%, and Mitsubishi, 10%, also hold stakes in the Sakhalin 2 project. Bloomberg Surveillance with Tom Keene, Jonathan Ferro & Lisa Abramowicz live from New York, bringing insight on global markets and the top business stories of the day. Japans Sakhalin Oil and Gas Development Co., or SODECO, has a 30% stake in the Sakhalin 1 project. "We will take our time to take steps towards a phase-out." May 5, 2022 The court is expected to rule on Myanmar's objections to a genocide case over its treatment of the Muslim Rohingya minority. Thank you for reaching out to us.We will get back to you as soon as possible. More than half of the 9.6 million mt/year LNG production capacity at the Sakhalin 2 project is committed to Japanese offtakers, and Sakhalin 2 LNG accounts for almost all of Japans LNG imports from Russia.
Please review our It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. Japanese Prime Minister Fumio Kishida said May 9 that Japan will ban in principle Russian oil imports following the latest commitment by leaders of the G7. To have the latest news and stories delivered to your inbox, subscribe here. Standard users can export data in a easy to use web interface or using an excel add-in. CIO expects crude oil to trade up toward USD 115/bbl for Brent and USD 112/bbl for West Texas Intermediate between now and the end of 2022.
Japanese refiners are already phasing out their imports of Russian crude oil, with the countrys top two refiners ENEOS and Idemitsu Kosan having already suspended new Russian crude oil import contracts. Still, Japan's biggest oil refiner, Eneos Holdings Inc (5020.T), has already stopped buying Russian crude, saying it would get supplies from the Middle East. endstream endobj 451 0 obj <>stream
Under the basic principles on semiconductor cooperation, the two nations will also collaborate in diversifying semiconductor production capacity, increasing transparency, coordinating emergency response on shortages and promoting workforce development, according to their joint statement. Japan will consider measures for the EUs imposition of its ban on insuring and financing seaborne transport of Russian oil to third countries because it will make it difficult to maintain its imports of Russian crude oil, a Japanese government source told S&P Global Commodity Insights on June 7.
Asked about a possible acceleration of the restart of nuclear power plants, he said: Given that it is a decarbonised base-load power source at the practical stage, it is necessary to utilise it as an important power source.. Al Jazeera Centre for Public Liberties & Human Rights. | KYODO NEWS, Jul 20, 2022 We will think about specific methods and timing for reducing or suspending oil imports, taking into account the actual situation, he said. TOKYO -- Japan's top oil refiners Eneos Holdings and Idemitsu Kosan are halting Russian crude oil imports after the fulfillment of current contracts, as sanctions on Russia have made it hard to conduct business and also as companies come under pressure to boycott the country. TOKYO, May 9 (Reuters) - Japan will take time to phase out Russian oil imports after agreeing on a ban with other Group of Seven (G7) nations to counter Moscow's invasion of Ukraine, Prime Minister Fumio Kishida said on Monday.
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By continuing to use this site, you agree to our use of cookies. Mineral fuels, oils, distillation products, Fish, crustaceans, molluscs, aquatics invertebrates, Pulp of wood, fibrous cellulosic material, waste, Tobacco and manufactures tobacco substitutes, Inorganic chemicals, precious metal compound, isotope, Commodities not specified according to kind. Simply enter your email address below and an email will be sent through which to complete your subscription. 450 0 obj <>stream His remark came after European Commission President Ursula von der Leyen said the regional bloc is proposing to ban all oil imports from Russia by the end of this year.
Hagiuda said Japan cannot immediately stop importing oil from Russia but will gradually move away from dependence on Russian energy while ensuring access to alternative supplies. - Russia supplied 4% of Japans total crude imports of 2.48 million b/d in 2021, while the Middle East contributed to 92% of inflows, according to Ministry of Finance data. CIO Commodity Strategist Giovanni Staunovo said that Japan's 2021 oil imports from Russia were around 100,000 barrels per day, a fraction of global oil demand of around 100 million barrels per day, so doesnt see much impact from this policy shift. The products, services, information and/or materials contained within these web pages may not be available for residents of certain jurisdictions.
Taiyo Oil, which relies on Russia for 20%-30% of its crude procurement, has suspended signing new Russian crude oil import contracts and is working to reduce its term lifting volumes for January-December 2022 from contracts signed prior to Russias invasion of Ukraine, a company spokesperson told S&P Global Commodity Insights on May 10. Japan has said it would be difficult to immediately cut off Russian oil imports, which accounted for about 33 million barrels of Japan's overall oil imports, or 4%, for 2021. read more. Japan Imports from Russia - data, historical chart and statistics - was last updated on July of 2022. %q} Jg>p[{li0b|6qVI'NG smJ4)4hQs%HJ%?9pX&oyDJY$lwi?VApB/[*Db,66"SjmhS. We would like to consider a method of phasing out over time in a way that minimises adverse effects on peoples lives and business activities, Japanese industry minister Koichi Hagiuda told a news conference. | KYODO NEWS, 6 minutes ago
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The EUs sixth sanctions package includes phasing out Russian crude imports in six months, and other refined products in eight months. May 5, 2022 - 14:46 | All, World, Japan. Hagiuda separately agreed with U.S. Commerce Secretary Gina Raimondo to cooperate in boosting research and development of semiconductors, which are used in many fields including the defense industry, and their supply chains.
Oil majors pull back due to logistical, payment concerns, consumer pressure. Japan had previously said it would be difficult to immediately cut off Russian oil imports.
But G7 coordination is most important at a time like now," Kishida told reporters, repeating comments he made at the G7 meeting. PAJ's Okuda said it was better to maintain the concessions considering Japan's energy situation, and it would be unwise to give them up and let China or others take them as Japan has the concessions under good conditions. Copying, editing, modifying, distributing, sharing, linking or any other use (whether for commercial purposes or otherwise) of this material, other than personal viewing, without UBS's prior written permission is strictly prohibited. read more. Prime Minister Fumio Kishida said on Monday that Japan will phase out Russian oil imports.
Download historical data for 20 million indicators using your browser. Russia was Japan's fifth-biggest supplier of crude oil and LNG last year. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. "For a country heavily dependent on energy imports, it's a very difficult decision. | KYODO NEWS, Jul 21, 2022 G7 leaders agreed May 8 to phase out Russian energy, including oil, in a timely and orderly fashion, while ensuring stable and sustainable global energy supplies and affordable prices for consumers., Tokyos move came a month after the governments decision April 8 to ban Russian coal imports in phases as part of an earlier commitment by G7 nations. Source: Platts, Japan weighs steps for EUs ban on insurance for Russia oil shipping, Online Daily Newspaper on Hellenic and International Shipping, This site uses cookies to enhance your user experience. The Japanese government and companies own stakes in oil and LNG projects in Russia, including two on Sakhalin Island from which partners Exxon Mobil Corp (XOM.N) and Shell PLC (SHEL.L) have announced they will exit.