The OPEC Meeting May Push Oil to $150

The OPEC Meeting May Push Oil to $150

What will happen?

The Organization of Petroleum Exporting Countries will hold a meeting on June 2. The representatives from 15 oil-rich countries discuss 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 during the day. Also, an official statement that covers policy shifts and future goals is released after the meeting.

Why is it important?

The OPEC countries represent around 40% of the world’s oil supply and are unified in their oil production levels. With so much control over oil’s supply side, any shifts in their production levels can significantly impact prices. OPEC wants to be an “island of stability” and faces pressure to boost production. There is a chance OPEC will deny increasing oil output and push the prices higher.

The meeting happens twice a year, and the last one started an uptrend that led to a 99% soar in XBRUSD. If you opened a buy trade of 1 lot, you could have earned an immense $6500.

news 2.png

How to trade at the OPEC meeting?

If the organization decides to increase output, it may end the oil uptrend. Moreover, it’s unlikely the output will be lowered due to rising demand and supply concerns. On the other hand, OPEC stated several times that it struggles to increase oil production.

  • If the outlook for oil production is positive, XBRUSD may fall.
  • Otherwise, the oil may continue the uptrend.

 Check the Economic Calendar.

Instruments to trade: XBRUSD, XTIUSD


The US Payrolls Bring New Hope for Gold
The US Payrolls Bring New Hope for Gold

The Us Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on June 3, 15:30 MT time (GMT+3).

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

The US Dollar Is Correcting
The US Dollar Is Correcting

Inflation in Europe was released better than the forecast. The preliminary fact was published at 4.3%. What's happening in the markets?

Bearish Signal For The USD
Bearish Signal For The USD

XAUUSD fell below 1900 for the first time since March 2023. Meanwhile, the US dollar index gives a bearish signal. Read the full report to learn more!

Deposit with your local payment systems

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.


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!

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