OPEC meeting. What should we focus on
Dear traders,
Today and Thursday, OPEC energy ministers, Russia, and other major oil producers will meet in Vienna to discuss oil production policies for the next six months.
According to informed sources, OPEC countries and other oil producers are unlikely to decide about an agreement to reduce production. It is too early to get a clear picture of the impact of this agreement on the oil market.
According to analysts, the OPEC + countries will postpone the decision to extend the agreement on the reduction of production for June.
OPEC countries and their allies from non-OPEC countries, known as OPEC +, last year agreed to reduce production by 1.2 million barrels per day in order to eliminate excess supply in the market.
The reduction in production has increased oil prices by 32% this year to $ 72 per barrel. This prompted the US President Donald Trump to urge OPEC to ease the conditions for restoring market balance.
Be attentive and follow the news along with analytics from Ester experts!
We would like to remind you that you can always get acquainted with the upcoming news in the Economic Calendar, and in the Analytics section there are technical analysis, experts’ opinions and Trade signals!
Hotline +448 000 698 464