World Against the will of the West: Oil countries want to promote less
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The Opec countries reduce their oil conveying amount to raise prices. That should benefit Russia and strain Germany and the United States.
The US government sees a "total disaster" to the West: The most important oil promotion countries led by Saudi Arabia and Russia decided on Wednesday a drastic reduction in oil production-the opposite of what Chancellor Olaf Scholz and US President Joe Biden wanted to reach her visits to Saudi Arabia.
While America and Europe want to keep the oil prices as low as possible in the energy crisis, the oil guide power Saudi Arabia drives up the price in the northern hemisphere at the beginning of the cold season. A beneficiary is Russia. Consumers in Europe and America could be the losers.
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was decided to reduce oil production at a meeting of the Opec-Plus group in Vienna. The members of the group - the states of the Oil Cartel Opec and important conveyor countries such as Russia - decided to have two million barrels (159 liters each) promoted less than before, which corresponds to two percent of global production. Most observers had expected a milder reduction in production.
The oil prices that had already attracted the decision in the expectation of the decision have increased to more than $ 93 per barrel after the Vienna decision; This is far lower than the highest level of more than $ 130 per barrel immediately after the Ukraine War outbreak, but more than ten dollars higher than in September.
At that time, there were fears that important western industrialized nations could slip into a recession, as well as concerns about the effects of continuing Corona restrictions on the Chinese economy.
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Opec-Plus had gradually increased the funding. In September, the group then stepped onto the brakes by slightly reducing the funding amount by 100,000 barrels per day.
Now Opec-Plus continues much. The “New York Times” quoted analysts with the assessment that Saudi Arabia is aiming for an oil price of more than $ 90 per barrel.Opec is working with Russia Fort
The Opec Plus decision is a slap in the face for the USA and Europe. Before the Vienna meeting, the US government had tried everything to avert the "total disaster" according to a report by the news station CNN: US government officials therefore conjured up their colleagues in the Arabic Golf states. But the American appeals blurred.
The Golf countries also continue their cooperation with Russia in Opec-Plus regardless of the Ukraine War. Moscow needs higher oil prices to make money despite the western sanctions. If the EU stops its oil imports from Russia as announced in December, the Russian government needs the highest possible income from deliveries to other customers.
OPEC flags oil production cut, likely to worsen soaring energy inflation
Move to reduce global daily oil output by two million barrels is likely to boost prices and help Moscow fund its war in UkraineThe decision by the 23-member group, which includes Saudi Arabia, Iraq, the United Arab Emirates and Kuwait, also threatens to ramp up tensions with the West as the United States called the surprise decision “shortsighted”.
Apparently the Arab oil countries expected sharp criticism of the West after the Vienna meeting and therefore tried to small. It was a purely technical - and no political - decision, they said in Vienna.
By this, they thought that some Opec Plus countries are already producing less than they are allowed to produce according to the rules of the group. According to the International Energy Agency IEA, Russia remained Barrel in August under the maximum amount of eleven million barrels a day under the maximum amount of the western sanctions permitted by Opec-Plus because spare parts are missing.
Nevertheless, from the West's point of view, the decision was more than a matter of form to correct unrealistic odds. New noise between the West and the partners on the Golf is emerging. According to CNN, there was talk of an “hostile act” in the White House: five weeks before the congress elections in the USA, rising petrol prices are bad for bidens Democrats.
The US President said that he was "disappointed" and will try to weaken the power of Opec-Plus over the oil market. Biden, Scholz and others had invested a lot of political capital to move Saudi Arabia at moderate prices.
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