Japanese energy specialist Takeo Kikkawa has found himself thinking about the 1970s in recent weeks, and the time when a surge in oil prices left Japan’s economy reeling, resulting in it recording negative growth for the first time since the end of World War Two, the South China Morning Post reported.
Russia’s invasion of Ukraine – and the resulting sanctions by G7 nations and other Western allies, including on energy supplies – has left Japan facing a dilemma over its energy strategy. It finds itself in the unenviable position of having much less leeway than others to reduce its dependence on Russia. The energy-poor nation imports 88 per cent of its energy supply, mostly oil, gas and coal. It is the world’s second-largest liquefied natural gas (LNG) importer after China.
Read the full report: South China Morning Post
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