Major oil-producing countries such as Saudi Arabia and Russia have decided to gradually reduce the scale of the "cooperative production cuts" that have been ongoing since last year to reduce crude oil production.
As the price of gasoline continues to rise in Japan, the future focus will be on whether the rise in crude oil prices will subside.
OPEC (Organization of Petroleum Exporting Countries) led by Saudi Arabia and non-member oil producing countries such as Russia decided to cooperate to reduce production in response to the spread of the new coronavirus in May last year, and lowered crude oil prices I have supported it.
These oil-producing countries held an online meeting on the 1st to discuss future production policies, and decided to increase production from next month to July and gradually reduce the scale of "cooperative production cuts".
It is said that this is because the demand for crude oil is picking up due to the spread of the new coronavirus vaccine and economic measures.
However, the outlook is uncertain due to the re-expansion of infection in Europe and other countries, and the specific production volume will be decided monthly depending on the situation.
International crude oil prices have risen to pre-infection levels as major oil-producing countries have continued to cut production on a large scale.
As a result, the price of regular gasoline has continued to rise in Japan, and since the price reached a high of over 150 yen per liter this week, the future focus will be on whether the rise in crude oil prices will subside.