OPEC meeting in focus!
Dear traders,
The energy ministers of the OPEC member countries, Russia and other oil producing countries will meet in Vienna on Thursday and Friday to decide whether to continue the current agreement to reduce oil production.
Most market analysts suggest that OPEC will change quotas for oil production, partially abandoning the 18-month agreement to reduce oil production by 1.8 million barrels per day.
Russia insists on increasing oil production by 1 million barrels per day in the short term. However, Saudi Arabia is likely to prefer a softer increase in production in order to avoid a sharp drop in prices.
However, not all OPEC countries agree with the change in the existing agreement. Iran, Venezuela and Iraq declared the need to keep the current agreement in force.
On Friday, oil prices fell sharply by about 4% amid forecasts of a global increase in production. (Investing.com)
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