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In the commercial space, Japan’s battery storage market was valued at USD 593.2 million in 2023 and is projected to reach USD 4.15 billion by 2030. While commercial installations currently dominate revenues, industrial adoption is expected to scale faster. Utility-scale storage is also gaining ground.
Japan installed about 190 MW of new energy storage capacity in 2022, doubling its 2021 total of 92 MW. Projections indicate that Japan’s cumulative storage capacity could reach over 29 gigawatts (GW) by 2033. This upward trend mirrors global patterns.
Tokyo, December 9, 2025 — Pacifico Energy K.K. (Head Office: Minato-ku, Tokyo; President & CEO: Hiroki Matsuo; hereinafter “Pacifico Energy”) today announced that it has commenced commercial operation of a grid-scale battery storage facility developed by the company in Tokyo Area.
As policy, technology, and decarbonization goals converge, Japan is positioning energy storage as a critical link between its climate targets and energy reliability. Japan’s energy storage policy is anchored by the Ministry of Economy, Trade and Industry (METI), which outlined its ambitions in the 6th Strategic Energy Plan, adopted in 2021.
According to IPD Latin America estimates, Venezuela's refinery throughput has been less than 300,000 b/d, or roughly one-fifth of its nameplate capacity.17 Venezuela has worked with Iran to supply fuel as well as refining materials, spare parts, and technicians to restart the refineries.
Despite the sizeable reserves, Venezuela produced 0.8% of total global crude oil in 2023. Most of Venezuela's proven oil reserves are extra-heavy crude oil from the Orinoco Belt.
Much of Venezuela's crude oil production capacity and infrastructure have suffered from a decade-long lack of capital and regular maintenance. Chevron's earlier exemption increased its production to 135,000 barrels per day (b/d) in 2023, and we expect Chevron's output in Venezuela to reach 200,000 b/d by the end of 2024.
Of Venezuela's six refineries, only five remain operational, all running at no more than 20% of total capacity. The country's aging refining system, plagued by frequent shutdowns and low output, has deteriorated after years of underinvestment, poor management and international sanctions that have limited access to spare parts.
