Event Date: Thursday, March 5, 2020
Event Time: 20:28 CET
Updated Wednesday, February 26, 2020
OPEC has cut crude Oil production twice in the last two years. They cut production once in December 2018 by 50k barrels/day and once last December by the same amount. But, after a short lived climb higher, crude Oil has reversed and WTI has fallen below $50, after declining for nearly two months. They are trying to cut production again, this time by 600k barrles/day, to stop this decline, but they are finding it difficult to convince Russia. Will they push for another cut in this meeting? If so, then crude Oil is expected to rally for some time. Follow us for live coverage of this event and the impact it might have on the currency by experienced market analysts.
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About OPEC Meeting
OPEC nations represent around 40% of the world's oil supply and are unified in their oil production levels. With so much control over oil's supply-side, shifts in their production levels can have a significant impact on oil prices. OPEC meetings are usually held in Vienna and are attended by representatives from 15 oil-rich nations. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce. The meetings are closed to the press but officials usually talk with reporters throughout the day, and a formal statement covering policy shifts and meeting objectives is released after the meetings have concluded.