Japan petroleum industry head says OPEC+ deal falls short of expectations

The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters in Vienna. (Reuters Photo)

The agreement by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut output failed to reach the reduction levels expected by the market, leading to oil prices remaining stagnant, the head of the Japanese petroleum industry said.

"We hope OPEC+ will continue their talks to stabilise oil markets," Takashi Tsukioka, president of the Petroleum Association of Japan (PAJ), said in a statement on Monday.