May 27, 2022
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EXPLAINER | Why $100 oil could hurt the energy transition more than it helps

Japan to decide Russia oil embargo timing while weighing impact on economy

Japan will decide the timing and methodology of a Russian oil embargo while contemplating the doable financial impact, its business minister mentioned on Tuesday, after Tokyo agreed on a ban with different Group of Seven nations over Moscow’s invasion of Ukraine.

“We would like to consider a method of phasing out over time in a way that minimizes adverse effects on people’s lives and business activities,” Japanese business minister Koichi Hagiuda informed a information convention.

“We will think about specific methods and timing for reducing or suspending oil imports, taking into account the actual situation,” he mentioned.

Prime Minister Fumio Kishida mentioned on Monday that Japan will part out Russian oil imports. Read full story

Hagiuda mentioned Japan can not instantly cease importing oil from Russia however will regularly transfer away from dependence on Russian power while guaranteeing entry to different provides.

Requested a couple of doable acceleration of the restart of nuclear energy crops, he mentioned: “Given that it is a decarbonised base-load power source at the practical stage, it is necessary to utilize it as an important power source.”

However there is no such thing as a change within the ministry’s coverage to proceed with any nuclear restarts solely after profitable the assist of native communities, he mentioned.

Globally, the US will probably be indispensable for securing a secure power provide, Hagiuda mentioned.

“As an oil and gas producing country, the United States has a major role to play and should firmly establish its own system to increase production,” he mentioned.

There are plans to develop current liquefied pure gasoline initiatives in the US that may improve output in a comparatively quick time period, and Japan is keen to contribute to these via public finance, he mentioned. – Reuters

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