Uncertainty over the global energy supply, heightened by Russia's invasion of Ukraine, could continue to keep energy prices high for a while, according to Japan's annual energy report released Tuesday.
The latest white paper on energy also stressed the need for Japan to retain interests in oil and gas projects in the Russian Far East island of Sakhalin, despite a slew of sanctions Tokyo has placed on Moscow, on the grounds they are vital to secure a stable energy supply for the energy-poor country at a reasonable cost.
The report described the fiscal year that ended in March 2022 as a period during which the world faced fundamental challenges, pointing to the possibility that a prolonged war in Ukraine and new investments in decarbonization efforts could push up energy costs.