OPEC + Committee Ministers Support Extension of Oil Production Plan for December The ministers of the monitoring committee of the OPEC + countries (JMMC) called for an increase in oil production in December by only 400,000 barrels per day, as planned, sources told Interfax.

Later, a full-format meeting of ministers will take place, after which, at 18:30 GMT, a press conference is scheduled.

In July, amid the recovery in oil demand, the OPEC + countries decided to accelerate the increase in oil production - by 400 thousand barrels per day (b / d). Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman, who has expressed concerns that a recovery in demand may be fragile amid the ongoing C0VID-19 pandemic, said not all countries will be able to ramp up supply. And already in August the deal was overfulfilled by 119% (that is, the shortfall to the plan was about 1 million bpd), and in September - by 115% (the shortfall was 0.7 million bpd).

Oil prices are rising steadily and in excess of $ 80 a barrel, pushing fuel prices higher, causing inflation and, as consumers say, hampering economic recovery.

However, while the OPEC + countries ignored these requests - at the previous meeting there was talk of a possible accelerated increase by eight hundred, and not 400 thousand b / d, but in the end the decision was made. Producers, in particular Saudi Arabia, want to make sure that the market needs oil in the long term, because they cannot, once increasing supplies, "turn off the tap" and leave their investments in the ground.

Meanwhile, many experts and market participants are already talking about a persistent lack of investment in oil production, and producers are talking about the need to look at sources of energy other than oil.

Miami will push a bitcoin payout plan for its employees, Mayor Francis Suarez told Bloomberg on Tuesday, expanding its ambition to make Florida a major digital asset hub. “In October, we are going to submit a request for proposal to allow our employees to receive payment in bitcoins, to allow our residents to pay fees in bitcoins and even taxes, potentially in bitcoins, if the county allows it,  Suarez said in an interview. The official offer came after city commissioners backed his decision in February to instruct the city manager to hire a supplier that would offer employees the option to receive a percentage of their salary in bitcoin.

New Mexico news dropped the oil price today. The oil price quickly moved down after the release of the news that New Mexico broke oil production records. "New Mexico broke an oil production record in May, pumping an average 1.22 million barrels daily as the Permian Basin returned to output growth again." The Oil price dropped about 150 pips after one hour of the news release and is on the way to continue downward direction. The top level of oil price WTI New York was at $76.95 on 6th of July 2021 and since then the trend is down. The huge recovery since July 19th is impossible but temporary we may see levels close to $70 in a few days time. World-Signals.com trading strategy is to bet into short positions. If you are not into short positions already at levels of $71.50-$72.00 and above you can enter now or wait this level to open short with a target close to $70.00.