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The First Oil Decision of 2022
Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4.
Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4. The meeting will be all day long. OPEC-JMMC meetings are attended by representatives from the 13 OPEC members and 11 other oil-rich nations. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce. The meetings are closed to the press, but officials usually talk with reporters throughout the day. A formal statement covering policy shifts and meeting objectives is released after the meetings have concluded.
OPEC on Monday raised its world oil demand forecast for the first quarter of 2022 but left its full-year growth prediction steady, saying the Omicron coronavirus variant would have a mild impact as the world gets used to dealing with the pandemic. OPEC expects oil demand at an average of 99.13 million barrels per day (bpd) in the first quarter of 2022, up 1.11 million bpd from its forecast last month. Some of the recovery previously expected in the fourth quarter of 2021 has been shifted to the first quarter of 2022, followed by a more steady recovery throughout the second half of 2022.
US energy information administration also seeks for increase in demand in 2022. So we can be sure, that OPEC meeting will be hot and help oil to choose the direction for next months.
How to trade on OPEC meeting?
The meeting will affect greatly on Brent and Crude oil. Also, Canadian dollar may move on the news, as the currency is affected by oil prices.
Check the economic calendar
Instruments to trade: XBR/USD, XTI/USD, USD/CAD
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