logo |

News

    Home   >     Industry    >     FBS    >     Main body

    HOW WILL OPEC-JMMC MEETINGS AFFECT OIL PRICES?

    Abstract:The JMMC was established following OPEC’s 171st Ministerial Conference Decision of 30 November 2016 and the subsequent Declaration of Cooperation made at the joint OPEC-non-OPEC ministerial meeting held on 10 December 2016.
    HOW

      The JMMC was established following OPECs 171st Ministerial Conference Decision of 30 November 2016 and the subsequent Declaration of Cooperation made at the joint OPEC-non-OPEC ministerial meeting held on 10 December 2016.

      At the December meeting, 11 non-OPEC oil producers cooperated with the 13 OPEC Member Countries in a concerted effort to accelerate the rebalancing of the global oil market through an adjustment in combined production of 1.8 million barrels per day.

      The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

      The two joint organizations OPEC-JMMC arranged a meeting, which will take place on 2nd December, 2021. The meeting may possibly be virtual.

      What will happen after the meeting?

      The OPEC-JMMC meetings which will be hosted on Thursday, December 2 during the whole day attended by representatives from the 13 OPEC members and 11 other oil-rich nations. They will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.

      The last time the global supply was not changed, XBR/USD lost $3.5.

      To use the OPEC-JMMC meetings and trade, below are the key notes to know?

      • If the supply increases, the oil will likely weaken.

      • If the supply decreases, the oil will likely strengthen.

      Instruments to trade: XBR/USD, XTI/USD.

    Read more

    Risk Warning

    The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.

    Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.

    Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.

    Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.