TOKYO - Japan hopes a Group of 20 energy ministers summit later on Friday will address the importance of stable oil prices and supply after OPEC and its allies agreed to make record production cuts, the country’s industry minister said.
The Organization of the Petroleum Exporting Countries (OPEC) and associated producers including Russia, a group known as OPEC+, struck a deal on Thursday to cut output by 10 million barrels per day from May to try to offset a collapse in global fuel demand caused by the coronavirus pandemic.
But oil prices tumbled on Thursday on doubts that the OPEC+ deal would be enough to stabilise oil market markets.
“We hope the G20 energy ministers will address the importance of stable oil markets and oil supply at the meeting as that is the most important matter for Japan,” Hiroshi Kajiyama, Japan’s Minister of Economy, Trade and Industry, told a news conference on Friday. Japan is the world’s fourth-biggest importer of crude oil.
He confirmed he will attend the meeting of energy ministers from the world’s top 20 economies, to be conducted via video link from 9 p.m. Japan time (1200 GMT).
“We are closely watching how the latest agreement (by OPEC+) will affect international oil markets and oil industry with strong interest,” Kajiyama said. “Oil market stability is highly significant not only for producers but also for consumers.”
