· The impact of the earthquake and tsunami on energy supplies is still evolving.
· Some 11 nuclear power reactors are offline in the affected area.
· Six oil refineries were initially closed, representing 1.4 million b/d or 30% of Japan’s total refining capacity, but at least three refineries – the 175,000 b/d Chiba refinery, the 270,000 b/d JX Nippon Oil & Energy (Negishi) refinery and the 335,000b/d Kawasaki refinery – were expected to be back online soon, according to their respective owners.
· Against this background, the Japanese government has decided to reduce industry stockholding obligations by three days and has informed the IEA accordingly.
· This reduction represents some 8 million barrels of oil. It should be remembered however, that Japan holds some 170 days of stocks in terms of net imports, well above the IEA requirement of 90 days.
· In terms of the impact of events on nuclear energy more broadly, it is still too early to determine until in-depth analysis of the causes of the accident can be completed.
· It is clear that there will be lessons to be learned. Current questioning from the public and decision-makers is certainly understandable given the circumstances.
· The IEA continues to advocate the use of a mix of safe, clean, reliable energy sources based on the natural endowment and national views of each country.
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