Japan asks UAE to further increase oil production

Japan has asked the UAE to consider the possibility of an additional increase in oil production to stabilize prices for crude. The topic was discussed at a meeting held in Tokyo between Japanese Cabinet Secretary-General Hirokazu Matsuno and UAE Minister of Industry and Advanced Technology Sultan Ahmed Al Jaber, Report informs referring to the Japanese TV channel NHK.

The secretary-general of the Japanese government also welcomed the decision of OPEC+ to increase oil production in July-August. In addition, the parties agreed to intensify the development of bilateral cooperation.

Oil prices in Japan on June 6 rose to a maximum since July 2008 against the backdrop of continued instability in the global energy market. Thus, the price for 1 kiloliter (6.289 barrels) of Dubai crude oil exceeded 86,000 yen ($658 at the current exchange rate), which is about $18 higher than on June 3.

According to local analysts, the market is now dominated by pessimistic forecasts regarding the continuation of the period of instability and rising prices for raw materials. In particular, they are associated with a negative assessment of the OPEC+ decision to increase oil production in July and August.