Offbeat: Oil prices add - Oil Alliance Opec+ shortens Funding quantity

US dispatches aircraft carrier to waters off South Korea as tensions rise over North’s missile launches

  US dispatches aircraft carrier to waters off South Korea as tensions rise over North’s missile launches NORTH KOREA FIRES MISSILES IN PROTEST: For the second time in a week, and the sixth time in less than two weeks, North Korea has fired ballistic missiles into the sea in what Pyongyang called a “just counteraction” in protest of the resumption of joint U.S.-South Korean major military exercises that were halted during the Trump administration. “While we have assessed that this event does not pose an immediate threat to U.S. personnel or territory, or to our allies, the missile launch highlights the destabilizing impact of the DPRK’s unlawful WMD and ballistic missile programs,” said a statement issued by the U.S. Indo-Pacific Command.

The oil prices added the opec+ oil cartel on Wednesday after cutting the conveyor. Most recently, a barrel (159 liters) of the North Sea variety Brent cost $ 93.06. That was $ 1.25 than on Tuesday. The price for a barrel of the US variety West Texas Intermediate (WTI) rose by $ 0.87 to $ 87.36.

Der Hauptsitz der Organisation der erdölexportierenden Länder (OPEC) in Wien. Die großen Ölnationen des Verbundes Opec+ senken ihr Förderziele ab November wieder ab. © Wang Zhou/Xinhua/dpa The headquarters of the organization of the oil exporting countries (Opec) in Vienna. The large oil nations of the OPEC+ network will reduce their funding goals from November.

The Oil Alliance Opec+ wants to significantly reduce its oil production. From November, the composite from 23 countries will promote two million barrels less oil every day. It has long been the most extensive reduction in production. The step should at least stabilize the oil price that lasted by up to 30 percent. He is "in view of the uncertainty that surrounds the global economic and oil market mood views and the need to improve the long-term guidelines for the oil market," said the Opec.

GOP Sen. Chuck Grassley calls for OPEC collusion crackdown after production cut

  GOP Sen. Chuck Grassley calls for OPEC collusion crackdown after production cut Republican Sen. Chuck Grassley on Thursday called for punishing OPEC for its production cut by passing legislation that would hold foreign oil producers accountable for colluding to fix prices. Grassley, a longtime backer of so-called NOPEC legislation, announced in a statement obtained first by CNN that he plans to file his bill as an amendment to an upcoming defense spending bill. On Thursday, Senate Majority Leader Chuck Schumer -— a Democrat — indicated he was open minded about NOPEC.

Russia has to find new customers

The bottom line is that the offer is not completely reduced to reduce the amount described on paper. Some states such as Nigeria, Angola and Russia are already promoting less than allowing the previous agreements. According to the international energy agency, the funding of the oil cartel in August was around 3.4 million barrels (159 liters each) below the agreed level. "This is also due to the lack of investments in the oil promotion infrastructure, for example in Nigeria and Angola as well as the western sanctions against Russia," said Commerzbank analyst Carsten Fritsch.

Russia will have to find new buyers for its crude oil from December. Then an almost EU-wide embargo for the import of Russian crude oil comes into force. So far, around two million barrels from Russia have been delivered to the EU every day. However, the Russian Minister of Energy Alexander Nowak warned that this could lead to a temporary production cut.

Saudis say US sought 1 month delay of OPEC+ production cuts .
DUBAI, United Arab Emirates (AP) — Saudi Arabia said Thursday that the U.S. had urged the kingdom to postpone a decision by OPEC and its allies — including Russia — to cut oil production by a month. Such a delay could have helped reduce the risk of a spike in gas prices ahead of the U.S. midterm elections next month. A statement issued by the Saudi Foreign Ministry didn't specifically mention the Nov. 8 elections in which U.S. President Joe Biden is trying to maintain his narrow Democratic majority in Congress. However, it stated that the U.S. “suggested” the cuts be delayed by a month. In the end, OPEC announced the cuts at its Oct. 5 meeting in Vienna.

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