Oil - OPEC meet December 5 and 6, but heads up for a sneaky one beforehand on December 3

Author: Eamonn Sheridan | Category: News

OPEC and Russia (OPEC Plus) meet next week in Vienna to discuss the output cut likely extension.

The curbs are expected to be extended to June 2020 (with a small chance of even longer, perhaps right through the end of 2020).

  • meeting scheduled for December 5 (OPEC only) and 6 (Russia and other non-OPEC to join in)
However, on December 3 OPEC will be reviewing market fundamentals ahead of the minsters' meeting. This is a meeting of OPEC's Joint Technical Committee (JTC).
  • Will also be held in Vienna
---
The cartel's production cuts are aimed at propping up the price of oil (via supply restriction).

An announcement of an extension (and even perhaps deeper cuts) is very much expected by the market … leaving room for a surprise if its not (seems unlikely, but hey, the boy scouts say be prepared, right? The current agreement expires in March 2020, so a putting off of the decision is entirely out of the question).

Watch for headlines December 3 ahead of the Dec 5 and 6 meeting. 

ForexLive
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose