#OPECmeetingupdates#
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OPEC meetings discuss a range of topics regarding energy markets and agree on how much oil they will produce.
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World Crude Oil Production (2016 to 2021)
In light of the current oil market fundamentals and the outlook for 2021, the OPEC council members agreed in the meeting to reconfirm the existing commitment under the Declaration of Cooperation (DoC) decision on April 12, 2020, then amended in June and September 2020 repeatedly, to gradually return to 2 mb/d, given consideration to market conditions.
Beginning January 2021, DoC participating countries have decided to voluntarily adjust the oil production by 0.5 mb/d from 7.7 mb/d to 7.2 mb/d.
Furthermore, the DoC participating countries agreed to hold monthly OPEC and non-OPEC ministerial meetings starting next year to assess market condition continuously and make decision on further production adjustments for the following month, limited to not higher than 0.5 mb/d.
OPEC Reference Basket Price (USD)
In March of 2021, the average price of the OPEC basket so far this month is 63.11$ per barrel, while the price was 61.04$ dollars per barrel in February of 2021. Over the last twelve months, the price has risen 86.11%.
What Countries are Part of OPEC?
OPEC Meeting News & Updates
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Oil Prices Latest Analysis
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📈 Market Analysis: Oil Rises as Traders Consider Glut Prospects and Middle East Risks
Oil prices rebounded after four days of losses as traders weighed production risks in the Middle East against concerns over a global oversupply. Brent crude neared $75 per barrel, while West Texas Intermediate approached $71. Earlier declines were driven by reports that Israel wouldn’t target Iran’s
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WTI steadies in the low-$60.00s as markets focus on pre-OPEC+ meeting source reports
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