The long-awaited OPEC meeting!
Dear traders,
The attention of the energy markets today will be riveted to the long-awaited OPEC meeting. Market players are wondering whether the main oil producers will be able to extend the existing agreement on the reduction of oil production.
The energy ministers of the OPEC member countries and other oil producing countries will meet in Vienna on Thursday to decide whether to continue the current agreement to reduce oil production after its completion in late March 2018.
Most market analysts predict that the oil cartel and other producer countries will extend the agreement for another nine months, but this is far from being a fact, amid mixed signals from Russia.
In November last year, OPEC countries and other major oil producers, including Russia, agreed to cut oil production by 1.8 million barrels per day for the period from January 1 to June 30, 2017. In May, the agreement was extended until March 2018 to reduce oil reserves and increase prices on it.
The agreement on the reduction of oil production was one of the main factors that led to the growth of oil prices based on the forecasts about the restoration of the balance between supply and demand in the world market.
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