1. Operation of the Oil Information System
Stable supply of petroleum is among the high-priority security issues for Japan which is almost entirely dependent on imports for petroleum. In view of this, the Petroleum Council presented its recommendations in 1999 as follows:
(1) Operation of the Oil Information System
In an emergency related to supply of petroleum, the national government has to avoid unnecessary disruptions in the national life and economy. For this purpose, the government should cooperate with IEA member countries in sharing information, analyze the outlook for oil supply, decide on emergency oil stock release, and curb oil demand. Data on oil supply and demand which are necessary for the government to take these measures have been accurately collected by the Oil Information System and are available for use at any time. The outline of the system is as follows:
1) Normal operation
2) Emergency operation*
* Because hurricanes battering the southern United States caused massive damage to the oil production facilities along the Gulf Coast in September 2005, emergency operation of the Oil Information System continued for sixteen weeks for weekly collection of data on crude oil imports and petroleum product inventories.