• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 2 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 5 hours America's pandemic dead deserve accountability after Birx disclosure
  • 2 days Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 19 hours U.S. Presidential Elections Status - Electoral Votes
  • 3 days Fukushima
  • 3 days Biden about to face first real test. Russia building up military on Ukraine border.
  • 1 day CO2 Mitigation on Earth and Magnesium Civilization on Mars – Just Add Water
  • 3 days Joe Biden's Presidency
  • 2 days New Chinese Coal Plants Equal All those in U.S.A
Michael Kern

Michael Kern

Michael Kern is a newswriter and editor at Safehaven.com and Oilprice.com, 

More Info

Premium Content

Japanese Refiners Anticipate An Extension Of OPEC+ Oil Cuts

Weaker oil demand with the spike in coronavirus cases will likely prompt the OPEC+ alliance to roll over the current 7.7-million-bpd production cuts into 2021, instead of easing them by 2 million bpd from January, the president of the Petroleum Association of Japan (PAJ) said on Friday. “Given the weaker oil demand amid the resurgence of COVID-19 infections, OPEC+ is likely to keep the current curbs ... after January,” PAJ’s president Tsutomu Sugimori said at a news conference, as carried by Reuters.

The market has largely priced in an extension of the current OPEC+ cuts of three months through the end of the first quarter of 2021, and the group is reportedly also leaning toward such an extension, in view of the weak demand in many developed economies that are grappling with a second wave of COVID-19 infections.   

Japan’s fuel demand is under threat as cases in the country have soared in recent days. 

Gasoline demand in Japan in November could be 2 percent lower compared to the same month last year, said PAJ’s Sugimori, who chairs the country’s top refiner Eneos Holdings. However, the recent spike in COVID-19 infections could trigger a much steeper drop, of around 9 percent, in gasoline demand in December and January, Sugimori added. 

Related: Total Bets Big On Libya’s Oil Industry

Japan, which did very well compared to other major economies in the first coronavirus wave in the spring, is now seeing record daily COVID cases in the second wave. Japan hasn’t yet restricted travel or business activity, but experts are concerned about the trend ahead of the winter parties and holidays.  

The spike in virus infections in Japan comes just as signs have started to emerge that crude oil demand is firming up in Asia, which remains the only bright spot on the oil market as demand remains depressed in major developed economies in Europe and in the United States.

By Michael Kern for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News