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Japan to urge oil producers to boost output

TOKYO, Oct 18 (KUNA) -- Japanese Prime Minister Fumio Kishida said Monday Japan would urge major oil-producing countries to boost output amid the recent surge in crude oil prices and to take appropriate action supporting affected industries.
"We will keep an eye on movements in the crude oil market and its impact on domestic industry and Japanese people's livelihoods," Kishida told reporters after convening an emergency meeting of relevant ministers to discuss the issue.
The premier also said he has instructed the ministers to cooperate with the International Energy Agency to convince major oil-producing countries to increase output, as well as to take necessary measures swiftly for domestic industries that would be negatively affected.
Due to recent soaring crude oil prices, the average retail gasoline price in Japan hit a seven-year high last week. Japan is the world's-third biggest oil consumer after China and the US. (end) mk.gta