Sliding Japanese product demand to accelerate

Since 2008, the speed and degree of Japan's petroleum product demand decline has accelerated in light of the global economic recession. Consequently, the Japanese economy posted a 5.2% contraction (on a preliminary basis) in gross domestic product for 2009.Primary energy consumption (PEC) fell nearly 10% year-on-year in 2009. Consumption of oil, natural gas, and coal in the primary energy mix all declined YOY. Only nuclear increased from 2008 after Tokyo Electric Power Co. restarted two units at the troubled Kashiwazaki-Kariwa 8.2-gw nuclear power plant—Japan's largest.Petroleum product demand fell by 8.5% to nearly 4.2 million b/d in 2009 YOY, following a 4.5% YOY decline in 2008. ...

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