Japanese Prime Minister, Fumio Kishida, called an emergency meeting of Cabinet members, including Chief Cabinet Secretary, Hirokazu Matsuno and Industry Minister, Koichi Hagiuda, to discuss the recent oil price hikes, local media reported.

“We are closely watching movements in the crude oil market, as well as, the impact on domestic industry and households,” Kishida told reporters, after the meeting, today.

He said that he ordered relevant ministers to work with the International Energy Agency, to urge oil-producing countries to increase output, as well as, to “swiftly take appropriate action” for industries that might be negatively affected.

“We will take concrete steps in our respective roles,” Matsuno told a press conference, but did not disclose further details.

Oil prices rose sharply over the past two months, since the demand was recovering from the COVID-19 pandemic. The benchmark West Texas Intermediate crude futures reached 82.28 U.S. dollars per barrel on Friday in New York, logging their highest level in seven years.

Gasoline prices in Japan have climbed in response to the surge, possibly dragging down household spending, at a time when domestic travel is expected to increase, after the COVID-19 state of emergency was lifted, at the start of this month.

Source: NAM NEWS NETWORK