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Japan's oil demand forecast to fall

Electricity, Oil

Japan's oil demand (excluding fuel oil used for power generation) is projected to decline by 1.4% per year on average over the next five fiscal years through to 2019/2020, Reuters reports, citing forecasts by the Japanese government's energy committee. Although notably, demand is expected to rise by 0.9% to 2.98M b/d in the financial year that started 1 April 2015 before declining over the following four years. The committee did not make projections for fuel oil use due to the uncertain future of the country's nuclear power plants.