OPEC+ is meeting, where will the oil price go next?

OPEC+ is meeting, where will the oil price go next?

OPEC and its allies have got investors wondering where the price of the commodity will move to next while waiting on the results from their meeting taking place today, Thursday at 1 p.m. London time.

The preliminary talks on Wednesday gave no indication as to whether the April supply numbers will increase. Saudi Arabia and Russia, the group leaders, tried reaching an agreement as Moscow supports supply raise with Riyadh not following. OPEC+ idled 7 million barrels a day and it is expected to restore a number of them but according to delegates lots of options were still under discussion.

The Specifics

Two of the topics that OPEC+ will be discussing today are most prominent. It will be discussed whether the cartel will move forward with a 500,000 barrel- a-day collective output increase in April and how Saudi Arabia will gradually stop the reduction of the extra 1 million barrels it was voluntarily producing in February and March.

Russia has been a strong advocate for the 500,000 barrels a day increase and has the support of others in the group according to people familiar with the matter. Regarding the second topic, Saudi Arabia’s original plans indicated that its voluntary supply reduction would only last for two months. According to people familiar with the matter, the kingdom has been considering whether the return of all those barrels should take place in a single month or be spread over a more extended period.

The trajectory of oil prices in the upcoming months depends on today’s OPEC+ meeting’s decisions. Keep abreast of the latest updates and get ready to trade oil. Claim your 200% Deposit Bonus and trade with your original funds tripled.