Japan to urge OPEC and its members to boost oil production amid price hike

As the price of gas soars at a record high, newly appointed Japanese Prime Minister Fumio Kishida held an emergency meeting with his cabinet ministers including, Industry Minister Koichi Hagiuda, on October 18, Monday, Sputnik reported. According to the reports, Japan would urge the Organization of the Petroleum Exporting Countries (OPEC) to boost oil production. OPEC is an intergovernmental organisation or cartel of 13 countries responsible for maintaining fair and stable prices for petroleum. "We are closely watching movements in the crude oil market as well as the impact on domestic industry and households," Sputnik quoted Kishida as saying to the reporters after the meeting.

During the press briefing, the newly appointed Prime Minister said he directed the concerned ministers and department to work with the International Energy Agencies to increase their production. Further, Kishida said he has directed the officials to take necessary actions swiftly in order to deal with the situation before it "went beyond their control". He stressed how the surge in energy prices has impacted the dependent industries negatively in the last two months. "We will take concrete steps in our respective roles," Sputnik quoted Chief Cabinet Secretary Hirokazu Matsuno, as saying. However, he did not disclose further details discussed during the meeting with the Prime Minister. The same was also confirmed by the industry minister Koichi Hagiuda. 

Further, the reports of Mainichi claimed that Japan Foreign Minister Toshimitsu Motegi held phone talks with his Kuwaiti counterpart Ahmad Nasser Al-Mohammed Al-Sabah and raised concern over the rising fuel prices. The minister also urged the Middle Eastern country to help stabilize prices by increasing output. The reports also claimed that OPEC and its allies would conduct a meeting over the price rise on November 4 in which Japan would also attend the ministerial level meet and would urge the countries to increase the production, reported Mainichi. 

Several Asian and European countries facing a surge in oil and gas prices

It is worth mentioning the prices of oil witnessed a steep rise over the past two months. According to the experts familiar with the recent price surge, the industries which have been closed after the COVID-19 pandemic has started to resume, resulting in a sudden increase in demand. Notably, not only Japan, various countries of Asia including Indian and Pakistan and Europe have been reeling under the surge in oil prices. According to the media reports, the prices have risen to 250% since the beginning of this year in the United Kingdom. Since August, the prices have towered nearly 70% in the UK. Some reports also alleged Russia behind the ongoing crisis as it is a major gas supplier. 

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