• 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
  • 15 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 47 mins CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 2 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 3 hours NordStream2
  • 21 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 mins Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 4 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 4 days Modest drop in oil price: SPRs vs US crude inventory build
  • 4 days 2019 - Attack on Saudi Oil Facilities.
  • 6 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 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

Japan Asks OPEC For More Oil

Japan has approached OPEC producers and their partners in OPEC+ with a request for more output, Kyodo News reported this week, citing industry minister Koichi Hagiuda.

The minister said the calls will continue until the next OPEC+ meeting, scheduled for November 4. Meanwhile, Japan’s foreign minister had talked with his Kuwaiti counterpart specifically for a potential increase in supplies.

"We are closely watching movements in the crude oil market as well as the impact on domestic industry and households," Japan’s Prime Minister told media earlier, after he asked his Cabinet to watch out for fallout from energy price hikes on the Japanese economy.

Prime Minister Fumio Kishida has also called on the International Energy Agency to make OPEC boost oil production.

Japan is almost entirely dependent on imported oil for its needs, and the latest price rally has delivered a blow to its still-fragile economic recovery, earlier this month pushing the national currency to a three-year low, according to a Reuters report.

Japan gets most of its oil from OPEC, with Saudi Arabia its biggest supplier, followed by the United Arab Emirates and Kuwait. Qatar and Russia are smaller exporters to Japan.

Calls on OPEC to boost oil production have been multiplying since prices started climbing. Besides the United States, which has appealed twice to OPEC+ to produce more oil, the International Energy Agency has also called on the cartel to provide more oil.

So far, however, OPEC+ has remained reluctant to heed the requests, keeping supply tight on fears the current strong demand may not last. However, it seems that lately, OPEC+ has not just stuck to its production targets but has been undershooting them.

In September, according to a recent Bloomberg report, OPEC+ cut output by 15 percent more than it had planned, after producing 16 percent less than agreed in August and 9 percent less than agreed in July.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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