As the US pressured Middle Eastern countries to increase oil production, OPEC member countries agreed to increase production, and Russia and Japan escalated a gas war.
The decline in oil consumption has turned to $90 a barrel this year amid concerns about a recession in the US economy, and the conflict over the introduction of a cap on the price of Russian crude oil has begun.
The Washington Post reported on the 6th that "a consortium of the world's largest oil producers has reached an agreement on the 6th to increase fossil fuel production faster than expected due to the global rise in energy prices due to Russia's war in Ukraine." An additional 648,000 barrels per day were announced.”
The report went on to say that the agreement to increase oil production centered on Middle Eastern countries is "a modest acceleration in plans to make up for the drop caused by the epidemic." It came out under the pressure of
Reuters reported on the 5th that the closing price of Texas diesel (WTI) in the New York crude oil futures market on the 5th was $99.50 a barrel, down $8.93 from the end of the previous week. It would be around $80-90 per barrel," he reported.
After the war in Ukraine, WTI rose from 1 barrel = $100 on March 1 to 1 barrel = $123.70 on March 8. This is the first time that it has fallen below $100 in two months since early May.
In Europe, where the proportion of natural gas has increased, the price of Dutch TTF has doubled in the past month, Trading Economics, a market research organization, announced on the 6th.
Foreign media diagnosed that the fall in crude oil prices was caused by concerns about a global economic slowdown, while Japanese media pointed out the effect of the US and Japan-led Russian oil price cap system.
Newsweek reported on the 2nd that President Putin's Sakhalin-2 restructuring measures were "an attempt to shake up Japan, which has low energy self-sufficiency," and said, "President Putin is intensifying the 'gas war'."
The Washington Post reported on the 6th that "If Russia further cuts natural gas supplies to Europe and energy prices rise, concerns about a European economic slowdown have become widespread."
"The surge in natural gas prices in Europe has heightened fears of a recession," the report said.
U.S. Treasury Secretary Yellen and Chinese Deputy Prime Minister Liu He met online on the 5th to raise the issue of punitive tariffs imposed on Chinese imports by the United States. The Wall Street Journal reported on the 6th that there is a possibility of tariff hikes on strategic items such as industrial machinery.
Former Russian President Medvedev said on social media on the 5th that "Japan will not be able to get oil or gas from Russia," and Japanese companies currently investing in Sakhalin 2, an oil and natural gas project in the Russian Far East, Sakhalin, will not be able to participate. Yomiuri reported on the 6th.
At the G7 summit earlier, Japanese Prime Minister Kishida talked about the upper limit on the price of oil in Russia led by the United States. In response to the remarks, former Russian President Medvedev said, "There is much less oil on the market and the price will be much higher," Yomiuri reported on the 6th.
On the 30th of last month, Russia issued an executive order for the free transfer of Japanese shares invested in Sakhalin 2 to a new company. It started the process and added a provision for revocation of the license.
Since July 6, 2018, the Republican Trump administration has imposed punitive tariffs of up to 25% on China for intellectual property infringement.
At the time, the target was $37 billion, or about 70% of China's imports.
Regarding the U.S.-China Treasury Secretary's phone meeting, "The announcement from the Chinese Ministry of Commerce revealed that Yellen and Liu exchanged views on macroeconomic issues and supply chain stability, and the Chinese side called for the elimination of punitive tariffs. The U.S. Treasury Department's announcement did not mention punitive tariffs, but said there had been "candid and substantive dialogue." The two governments have agreed to continue the dialogue,” Yomiuri reported on the 6th.
Regarding a separate meeting between Secretary of State Blincoln and Chinese Foreign Minister Wang Yi at the G20 Foreign Ministers Meeting (held on the 7th) on the 5th, the US Assistant Secretary of State for East Asia and the Pacific said, “Discussing ways to prepare guardrails to prevent competition from leading to misjudgment or confrontation. I will,” he told Voice of America (VOA).