FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
FXCC information and reviews
FXCC
90%
Markets.com information and reviews
Markets.com
89%
FxPro information and reviews
FxPro
88%
EUR/USD
1.1720
BTC/USD
42 453.14
GBP/USD
1.3685
USD/JPY
110.7455
USD/CHF
0.9235
USD/CAD
1.2661
EUR/JPY
129.7948

OPEC+ to decide on oil production policy as demand concerns persist


2 April 2021

A group consisting of some of the world’s most powerful oil producers on Thursday will meet to decide on the next phase of output policy. OPEC and non-OPEC partners, a group sometimes referred to as OPEC+, convened for talks via videoconference at around 1:25 p.m. London time. The OPEC+ alliance is currently cutting by just over 7 million barrels per day in an attempt to prop up prices and reduce oversupply. OPEC kingpin Saudi Arabia has voluntarily added an additional 1 million barrels per day to those cuts.

The meeting comes shortly after the Suez Canal reopened to traffic and as the coronavirus continues to spread worldwide, with French President Emmanuel Macron ordering the country into its third national lockdown to alleviate some of the pressure on hospitals. The ongoing coronavirus crisis continues to cloud the demand outlook and analysts expect this to reaffirm Saudi Arabia’s caution about the global economic recovery.

Analysts at Eurasia Group said the most likely outcome for the OPEC+ meeting is for the group to keep production unchanged from April and for Saudi Arabia to continue to withhold its additional 1 million barrels per day — although it may taper this slightly by 100,000 barrels “to signal its willingness to adjust.” They noted that the last month in global oil markets “featured a significant level of volatility” and a sell-off that brought Brent crude futures down to $62 a barrel from $70, before stabilizing around $64 in recent days.

International benchmark Brent crude futures traded at $63.89 a barrel on Thursday, around 1.8% higher, while U.S. West Texas Intermediate futures stood at $60.42, up more than 2%. Both contracts had briefly turned negative shortly after midday London time. Ahead of the meeting, OPEC Secretary-General Mohammed Barkindo stressed the need “to remain very cautious” as a result of ongoing uncertainties and fragility caused by the coronavirus pandemic.

Similarly, Saudi Arabia has previously encouraged allied partners to remain “extremely cautious” on production policy, warning the group against complacency as it seeks to ensure a full oil market recovery. Non-OPEC leader Russia, meanwhile, has sought for the group to push ahead with a supply increase.

#source

Related

Space tourism takes off and opens colossal market
Space tourism takes off and opens colossal market

Space tourism is definitely on the rise. According to Bank of America Merrill Lynch, it could represent USD 2.700 billion by 2045, against 400 billion today...

24 Sep 2021

All Eyes On The BOE Meeting
All Eyes On The BOE Meeting

US and European futures are trading higher today, following the Fed’s announcement yesterday that the economy is exhibiting signs of strength and...

23 Sep 2021

Stocks steady on Evergrande debt assurance
Stocks steady on Evergrande debt assurance

Equities were mostly recovering on Wednesday as market nerves were somewhat calmed after China’s troubled property giant, Evergrande, told investors it will meet

23 Sep 2021

Stock Futures Trade Sharply Lower
Stock Futures Trade Sharply Lower

Futures in the United States and in Europe are trading sharply lower as investors worry about the domino effect of Evergrande’s massive plunge on the Chinese property market..

21 Sep 2021

Oil market: the unbalanced demand and supply
Oil market: the unbalanced demand and supply

Oil prices climbed to higher grounds in the most recent daily sessions adding further to its upward momentum formed so far in September. The Oil market is running...

21 Sep 2021

US Markets lost major support, Asian Indices are melting
US Markets lost major support, Asian Indices are melting

Global markets closed last week on the back foot, and no significant positive factors emerged in Asian trading, increasing the flight to safety. The Hang Seng lost...

20 Sep 2021


Editors' Picks

OctaFX information and reviews
OctaFX
86%
HotForex information and reviews
HotForex
85%
XM information and reviews
XM
80%
FXCM information and reviews
FXCM
79%
Vantage FX information and reviews
Vantage FX
78%
Moneta Markets information and reviews
Moneta Markets
77%

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.