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On Wednesday, February 2, 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. Representatives from the 13 OPEC members and 11 other oil-rich nations attend meetings. The discussions are closed to the press, but officials usually talk with reporters throughout the day. After the meetings have concluded, they release formal statement covering policy shifts and meeting objectives.
Oil prices are highly dependent on the global supply to demand ratio. The main goal of OPEC+ organization is to balance this ratio by supply changing. Oil prices have been growing for six weeks straight, and OPEC+ might intervene in the situation.
Last time, OPEC+ did not increase production. As a result, oil prices kept rising due to the increasing oil deficit. If OPEC+ sticks to the previous plan again, oil prices might keep the momentum up to $100.
Instruments to trade: XTI/USD, XBR/USD
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?
US Energy Information Administration will reveal Crude oil inventories on February 9, 17:30 GMT+2.
Organization of the Petroleum Exporting Countries (OPEC) is scheduled to meet on January 4.
The US Bureau of Economic Analysis will publish Core Personal Consumption Expenditures (PCE) on May 27 at 15:30 GMT+3.
The United States will publish the Preliminary GDP on Thursday, May 26, at 15:30 GMT+3.
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
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