Idemitsu Kosan Co., Japan's second-largest oil refiner, said Friday it plans to cut crude oil processing by 15 percent in the quarter ending Dec. 31 as demand for gasoline and other petroleum products declines.
The company will process 7.4 million kiloliters, or 46.5 million barrels, of crude in the three-month period, compared with 8.7 million kiloliters a year earlier, the Tokyo-based refiner said in a statement. The cut is deeper than the 14 percent reduction for the quarter the company proposed in September.
Idemitsu joins other Japanese refiners, including Nippon Oil Corp., in reducing output on declining demand for gasoline and other fuels. Gasoline sales in August, the peak driving season, dropped by the most for the month since 1953 as high prices prompted motorists to reduce purchases.