Japan refiners receive notice of crude supply cuts after OPEC deal: PAJ chief
Japanese refiners have received notices of crude supply cuts from “some producers” for January loading, following OPEC’s November 30 decision to cut production, Petroleum Association of Japan President Yasushi Kimura said Thursday.
“It is true that we have received notices from some producers about reducing crude loadings from January,” Kimura told a press conference in Tokyo.
But Kimura added that Japanese refiners were not under immediate pressure to seek alternative crudes.
Kimura is also chairman of JX Holdings, the parent of largest Japanese refiner JX Nippon Oil & Energy.
OPEC on November 30 agreed to cut production by around 1.2 million b/d to 32.5 million b/d from January 1, 2017.
This was followed by a commitment from 11 non-OPEC producers on December 10 to cut production by a combined 558,000 b/d, also from January 1.