OREANDA-NEWS. Japan's oil business as a whole positively assesses the agreement of the OPEC+ countries to reduce production, but does not see a significant increase in market prices so far. This was stated in a statement released on Monday, made by the chairman of the Oil Association of Japan, Takashi Tsukioka, who heads the large corporation Idemitsu Showa Shell.

“We can give a generally positive assessment of this agreement as a measure aimed at stabilizing the market”, Kyodo quoted the document as saying. “However, the scale of production cuts was less than expected. Under these conditions, oil prices are still low. We have hopes for further consultations on this matter". The Japan Oil Association unites 11 major companies in the country that are engaged in the production, transportation and refining of oil.

Earlier on Sunday, it became known that OPEC+ countries entered into an agreement to reduce production after intense negotiations. At an emergency meeting, they agreed to reduce production by all 23 countries. However, the overall decline will not be 10 million barrels per day, as planned, but 9.7 million barrels, because Mexico has not changed its position and has not agreed to a quota of 400 thousand barrels.