The First Oil Decision of 2022

The First Oil Decision of 2022

The First Oil Decision of 2022

Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4.

What is happening?

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.

Why is it important?

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.

 imgonline-com-ua-Resize-SZ5zxdoPJzSixq.jpg

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.

  • If OPEC moves to cutting oil production – XBR and XTI will rise.
  • Otherwise, oil may stay on the same level or fall.

 Check the economic calendar

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

 

 

 

 

Similar

Russian Oil Got Banned from Market
Russian Oil Got Banned from Market

This week started with the talk of the United States banning Russian oil exports, so XBR/USD saw $130 a barrel. Then the ban became reality. What does it really mean for the market?

Latest news

What Are FOMC Insights?
What Are FOMC Insights?

The Federal Open Market Committee, a committee within the Federal Reserve, will reveal a detailed record of the central bank’s last meeting on July 6 at 21:00 MT.

Will Australian Cash Rate Change?
Will Australian Cash Rate Change?

The Reserve Bank of Australia will announce its cash rate and make a statement about future rate policy on Tuesday, July 5, at 07:30 MT.

Deposit with your local payment systems

Be on top of your game

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera