• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 1 hour Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 7 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 7 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 5 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 3 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 4 hours NordStream2
  • 3 days Modest drop in oil price: SPRs vs US crude inventory build
  • 4 days 2019 - Attack on Saudi Oil Facilities.
  • 4 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days Ukrainian Maidan after 8 years
  • 6 days Peak oil - demand vs production
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




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News