ViennaThe nervousness in the global Oil market is huge. All eyes turned to the informal Meeting of the organization of petroleum exporting countries (Opec) in Algiers. The oil cartel has reached a short-term goal in the Algerian capital: the price of Oil is skyrocketing to the top.
As from groups of Participants via news agencies was leaked to the 14 States existing oil cartel at its next meeting, on 30. November in Vienna, apparently a limitation of the Oil flow through the rings. The production is to be reduced to 32.5 million barrels (159 liters) per day. The are approximately 750.000 barrels less than in August.
reacted euphorically to The markets of the Opec officially unconfirmed reports. The North sea Brent oil increased by over 6.5 percent to almost $ 49. The US variety WTI rose by about six percent on 44,41 dollars per Barrel.
In the past, have it change understood the Opec countries-particularly Saudi Arabia and the Gulf States – sent, to engage with Comments and speculation the price of Oil again and again, according to their policy fundamentally. Therefore, the alleged is not a binding agreement could be a PR-Trick to set the price high zuschaukeln.
a prerequisite for the planned reduction in Production is that the two Opec heavyweights Saudi Arabia and Iran to settle their long-festering conflict over the correct production of the target. The competing regional powers are now said to be ready to jump on your political and economic shadow. Here skepticism is warranted.
The price of Oil finally has a strong political component. Iran wants to expand its political influence in the Region from Syria to Iraq to Yemen. For this it needs after the removal of the international sanctions more money and thus a higher level of support.
Saudi Arabia and the Gulf States want to prevent a wider influence of Iran in the Middle East. Therefore, for the rich Opec countries, a low Oil price makes can result in more political sense than a commercially reasonable price level by means of a funding limitation.
In Opec are subject to special rules. Often all the parties Involved, can do relatively easy to agree in principle to certain measures. In the actual implementation of it is nowhere near expected.
The Opec of today is a conglomerate of conflicting interests. Only with effort and a long time delay allowed the oil cartel, for example, at its last meeting, to agree finally on a new Secretary-General. The result: The newly elected Nigerian Mohammed Barkindo, is yet a weak leader. That speaks volumes about the state of the oil cartel.
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