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How will Brent react to OPEC-JMMC meetings?
What will happen?
On Thursday, August 12, during the day members of the Organization of Petroleum Exporting Countries (OPEC) and Joint Ministerial Monitoring Committee (JMMC) will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce. The representatives from the 13 OPEC members and 11 other oil-rich nations will attend. The meetings are closed to the press, but officials usually talk with reporters throughout the day, and a formal statement covering policy shifts and meeting objectives is released after the meetings have concluded.
Members didn’t make the decision during the last OPEC-JMMC meeting on July 2. The announcement of oil production increase appeared later, on July 18, and led to a 6% Brent price drop.
Price change after OPEC's decision
How to trade on OPEC-JMMC meetings?
- Production increases put a negative effect on the oil price.
- Production decline put a positive effect on the oil price.
Instruments to trade: XTI/USD, XBR/USD
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