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When Is the Next OPEC Meeting?

when is the next OPEC meetingOne of the most anticipated gatherings of 2016 took place in Vienna today (Wednesday): a crucial OPEC meeting. It is still in progress and investors are already asking "when is the Next OPEC Meeting?"

You see, OPEC meetings are only scheduled twice a year, and they can be extremely important to the entire energy market. The next OPEC meeting is scheduled for March 2017.

The OPEC meeting calendar is on many investors' minds today because crude oil prices are soaring due to the current meeting in Vienna.

Oil prices surged more than 8% today following news that some of the world's largest oil producers agreed to constrain oil output for the first time in eight years.

Shortly after 10:00 a.m., Brent crude oil prices were up $3.35, or 7.2%, at $49.82 a barrel. That followed a nearly 4% drop on Tuesday.

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Meanwhile, WTI crude oil prices were higher by $3.01, or 6.7%, at $48.25 a barrel. That level marked a one-week high.

An OPEC source shared with Reuters that negotiations continue regarding the exact size of each member's cut. But key oil exporter Saudi Arabia is accepting the bulk of the production cuts, with rival Iran freezing output at pre-sanctions levels.

Saudi Arabia has agreed to reduce its oil output to 10.06 million barrels per day under a new OPEC production-limiting deal, according to Reuters. The oil-rich kingdom's output stood at 10.54 million barrels per day (bpd) in October.

Also, the oil cartel has reportedly agreed to suspend Indonesia from OPEC and to allow Iran to set new production levels at 3.797 million bpd.

Details are still unfolding, but today's production cut is a massive step forward for OPEC…

Why Today's OPEC Meeting Is So Crucial

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