The Organization of the Petroleum Exporting Countries and 10 additional oil-exporting countries, including Russia, will hold a videoconference on July 1.
Will OPEC support the oil price?
Information is not investment advice
What will happen?
OPEC-JMMC Meetings take place on June 1 during the day.
As OPEC previously agreed, the cartel member countries will meet every month to adjust their collective supply policy to make sure it is adequate to the reality of the global demand. Last time, they’ve confirmed an upbeat global outlook to proceed with the planned increase in the total supply although the decisions didn’t come without internal discord.
How to trade the OPEC meeting?
On the one hand, if OPEC shares a strong global demand outlook, it will infuse optimism in the oil traders, and that emotional impulse may push the oil price. On the other hand, optimistic vibes imply that the oil supply may be increased even more – these expectations may press on the price.
- If the recovery optimism is stronger than supply increase fears, the oil price may rise;
- Otherwise, it may drop.
Instruments to trade: WTI oil, Brent oil
Quadruple witching is gone and now there are no reasons for the market to hinder. From banks statements and economic data to gas storage reading and Fed’s Powell speech – get ready for active trading.
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