Japan’s Nuclear Plant Shutdown May Boost Oil Demand

Nippon Oil Corp. expects Japan’s oil and heavy fuel demand to rise by about 700,000 kiloliters in August after the shutdown of a Tokyo Electric Power Co. nuclear station, Chairman Fumiaki Watari said.

The Kashiwazaki-Kariwa nuclear station, the world’s biggest, was shut after a magnitude 6.8 earthquake struck Niigata prefecture in central Japan on July 16. The trade ministry and Kashiwazaki city authorities have ordered the utility to keep the plant shut until they approve its restart.

Bloomberg