Japanese Refiners Anticipate An Extension Of OPEC+ Oil Cuts

Weaker oil demand with the spike in coronavirus cases will likely prompt the OPEC+ alliance to roll over the current 7.7-million-bpd production cuts into 2021, instead of easing them by 2 million bpd from January, the president of the Petroleum Association of Japan (PAJ) said on Friday. “Given the weaker oil demand amid the resurgence of COVID-19 infections, OPEC+ is likely to keep the current curbs ... after January,” PAJ’s president Tsutomu Sugimori said at a news conference, as carried by Reuters. The market has largely priced…