Oil Market Review in Japan No.14/2021

Contrary to the previous expectation, the OPEC plus Countries JMMC failed to reach an agreement on the cooperative crude oil production cut and broke down due to a conflict over the end period of the cooperative crude oil production cut in 2022 in the background of the UAE’s request for increasing crude oil production. [...] 14/2021 3 Petroleum products wholesale prices in Japan (1) Wholesale price revision trend During June 29-July 5, crude oil cost in yen increased from a week earlier with the slight increase in crude oil price and the depreci- ation of the yen to the US dollar. [...] Offshore cargo spot prices during the week June Futures Kerosene 64.7 63.5 ▲ 1.2 29-July 5 almost leveled off after the increase in a 121-122 yen/l Price range for gasoline and increased in a 65-67 yen/l range for kerosene Diesel oil 69.2 68.5 ▲ 0.7 and leveled off after the significant increase in a 69-71 yen/l range for diesel oil from a week earlier. [...] Crude oil cost in yen increased for the period from June 29-July 5 with the slight increase in crude oil price and the depreciation of the yen to the US dollar. [...] of the need for rational price recognition based on market and price-finding functions to be established in the oil industry and for business decisions based on recognition under the principle of self-responsibility.” In response to the report, this Center has published the Weekly Oil Market Review as a tool for oil-related people, business administrators (particularly service station managers) an.