In response to the decision by OPEC Plus, which is made up of oil-producing countries, to significantly reduce production from next month onwards, crude oil futures prices rose to the level for the first time in three weeks in the Tokyo market on the 6th.
The futures price of Middle Eastern crude oil traded in the Tokyo market has risen to 74,000 yen per kiloliter on the 6th for "next March", which is the center of trading.
The price has risen by more than 3% compared to the 5th, and is the highest price in three weeks.
On the 5th, OPEC Plus, which is made up of oil-producing countries, decided to drastically reduce crude oil production by 2 million barrels per day from next month onwards, raising concerns about a decrease in supply.
In the New York crude oil market on the 5th, the WTI futures price, which is an international benchmark, temporarily rose to the $88 per barrel level.
A market insider said, ``Although there is no sharp rise today, there is a sense of caution that oil-producing countries may further cut production in the future, so it is likely that the price will remain high for the time being.''