What will happen? The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1…
How is the global oil demand doing?
What will happen?
OPEC-JMMC is holding a meeting on April 28 all day long.
That’s one of the key meetings of the oil cartel as the previous one surprisingly revealed their plans to gradually start increasing the supply. However, OPEC+ members had agreed to meet at the end of April to review the situation and check if the global oil demand dynamics are indeed following the previous projections. If the forecasts prove to be correct and the oil supply increase plans are confirmed, that may serve as an indication that the cartel is optimistic about the current oil market dynamics. Otherwise, if the outlook doesn’t encourage optimism, OPEC+ may revise its plan for the oil supply boost.
How to trade the OPEC’s meeting?
If the OPEC+ reveals no change to its oil supply plans, it’ll be a positive sign of the global oil demand recovery. In this case, the oil price will likely stay around the same level it’s been trading at lately. A revision of the plan will likely push the price upwards as it would mean that the cartel is planning to hold the increase in the supply quantities.
- If the OPEC+ doesn’t change the oil supply plan, the oil price will stay stable;
- If the OPEC+ revises the plan to hold the supply increase, the oil price may rise.
Instruments to trade: WTI oil; Brent oil
Optimistic forecasts on oil prices, nuclear talks with Iran, and upcoming OPEC+ meeting. How to trade oil these days?
The oil cartel completed its teleconference on Tuesday. WTI spiked above $63.
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