Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Expert: OPEC+ countries should postpone the softening of the deal from January of the new year


November, 03 2020
watermark Economic news

Anne-Louise Hittle, vice president of consulting firm Wood Mackenzie, said at the International Exchange Forum that in order to maintain a stable market situation, OPEC+ countries should extend their current oil production cuts. Previously, the organization intended to soften the terms of the deal from January 2021, implying an increase in production by almost 2 million barrels per day.


The expert stressed that from the point of view of balancing the market in the interests of the producing countries, it is not worth lifting the restrictions in January, although such plans were fixed in the April agreements. Hittle also noted that if restrictions on oil production are lifted from January 1, a very rapid overstocking of the market will occur in the first quarter of the year.


On November 17, the next meeting of the leaders of the OPEC+ countries will take place, at which the organization will have to make the correct decision that meets the current conditions.


Recall that the new OPEC+ agreements started in May with a reduction in oil production by 9.7 million barrels per day for three months. Since August, the alliance has continued to reduce production, but in a smaller volume – by 7.7 million barrels per day for the period until the end of the year, and then – by 5.8 million until the end of April 2022.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.