References
1) MitsuiZosenTechnical Review, No.166 (1999. 2), pp.28
2) Kawasaki Heavy Industries, Ltd. Catalogue & Home Page (http://www.khi.co.jp/) and Marine Engineer, No.632(1999. 8. 1), pp.21
[Nobukazu SHIMADA]
9. Fuels and Lubricating Oils
9.1 Fuels
9.1.1 Trend of Oil Demand1) 2)
The oil demands in 1999 was reached 7.52 billion BD (Table 9.1) which was increased by 1.2% compared with that of the previous year. This reason was assumed the effect of the increase in demands in Asian countries, Y2K problem, the satisfactory economy in America, etc. Production of crude oil in 1999 in the world was decreased by 3% compared with that of the previous year, and the trend of decrease is shown in each area, which was the same level as that in 1997.
Regarding the price, the upper limit of production was amended after 4 years at the 103rd OPEC General Assembly in November, 1999, and the oil price was around 10 dollars/barrel in Dubai Crude Oil Price in the beginning of 1999. Triggered by the agreement in the decrease in production at the 103rd OPEC General Assembly in March, the oil price recorded 26 dollars/barrel in December, which was the highest value since the Gulf War, gave a great influence to the world economy and the oil industry.
This increase in the crude oil price also gave a great influence to the oil industry in Japan, and reorganization of the industry was further accelerated. For example, the business tie-up of Nisseki-Mitsubishi and Cosmo Oil except the sales department, and the business integration of Esso-General and Mobile, and Tonen Corporation were announced.
Regarding the domestic circumstances in 1999, due to the influence of the depression in business, both the quantity of the processed crude oil and the sales of fuel oil were decreased similar to the previous year. The quantity of processed crude oil was decreased by 3.64 million kl (1.5%) compared with that in the previous year, and the rate of operation of the facilities was 77.2% that of the previous year, which was decreased by 1.4%. On the other hand, the sales of fuel oil was increased by 2.4% compared with that of the previous year, and it is estimated that the reduction in the rate of operation of facilities is covered by the increase in import (increase by 28% compared with that of the previous year).
