Share This Article

Facebook LinkedIn
Twitter Reddit
Print Email
Pinterest Gmail
Yahoo
Money Morning
×
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • Angel Investing
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
  • Retire
    • Income Investing Guide
    • Retirement Articles
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
Login My Member Benefits Archives Research Your Team About Us FAQ
  • Invest
    • Best Stocks to Buy
    • Stock Forecasts
    • Stocks to Sell Now
    • Stock Market Predictions
    • Technology Stocks
    • Best REITs to Buy Now
    • IPO Stocks
    • Penny Stocks
    • Dividend Stocks
    • Cryptocurrencies
    • Cannabis Investing
    • Angel Investing
    ×
  • Trade
    • How to Trade Options
    • Best Trades to Make Now
    • Options Trading Strategies
    • Weekly Trade Recommendations
    ×
  • Retire
    • Income Investing Guide
    • Retirement Articles
    ×
  • More
    • Money Morning LIVE
    • Special Investing Reports
    • Our ELetters
    • Our Premium Services
    • Videos
    • Meet Our Experts
    • Profit Academy
    ×
  • Subscribe
Enter stock ticker or keyword
×
Join 100,000+ Like-Minded Investors Today
Twitter
Tags: Oil

When Is the Next OPEC Meeting?

By Diane Alter, Contributing Writer, Money Morning • November 30, 2016

Start the conversation

Comment on This Story Click here to cancel reply.

Or to contact Money Morning Customer Service, click here.

Your email address will not be published. Required fields are marked *

Some HTML is OK

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.

Trending: Get the Best Investing Research Today to Grow Your Money

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.

Sign up for SMS so you never miss special events, exclusive offers, and weekly bonus trades.

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

A preliminary production agreement was struck in Algiers in September. That agreement set an output cap at around 32.5 million to 33 million barrels per day. That's compared to the current 33.64 million bpd output.

Prior to today's meeting, Saudi Energy Minister Khalid al-Falih said OPEC was focused on reducing output to a ceiling of 32.5 million bpd. It was also counting on Russia and other non-OPEC producers to contribute a cut of another 0.6 million bpd.

In the weeks leading up to today's meeting, oil prices were volatile, surging on hopes of a production cut and tanking when those hopes faded.

Crude oil prices are now up 25% year to date, but remain down more than 60% from highs hit in June 2014.

Today's 171st OPEC meeting has been deemed critical for propping up oil prices and addressing the global glut. Absent a deal, oil markets would have had to wait several months for the cartel's next gathering in March 2017.

Now that we have some answers from today's OPEC meeting, Money Morning Global Energy Strategist Dr. Kent Moors has a new and bold crude oil prediction for 2017...

Follow us on Twitter @moneymorning and like us on Facebook.

Related Articles:

  • OPEC.org: OPEC Meetings
  • The Wall Street Journal: OPEC Reaches Deal to Cut Oil Production
  • Reuters: OPEC Agrees to First Output Cut Since 2008, Details Unclear

Join the conversation. Click here to jump to comments…

Login
guest
guest
0 Comments
Inline Feedbacks
View all comments


Latest News

June 7, 2023 • By Alex Kagin

SEC comes after Coinbase, Small-Caps Start to Shine, and Crude Price Forecasts Rise

June 6, 2023 • By Chris Johnson

The broad market just made a shift to the upside

June 6, 2023 • By Nick Black

SEC vs. Coinbase and Binance: What You Need to Know
Trending Stories
ABOUT MONEY MORNING

Money Morning gives you access to a team of market experts with more than 250 years of combined investing experience – for free. Our experts – who have appeared on FOXBusiness, CNBC, NPR, and BloombergTV – deliver daily investing tips and stock picks, provide analysis with actions to take, and answer your biggest market questions. Our goal is to help our millions of e-newsletter subscribers and Moneymorning.com visitors become smarter, more confident investors.

QUICK LINKS
About Us COVID-19 Announcements How Money Morning Works FAQs Contact Us Search Article Archive Forgot Username/Password Archives Profit Academy Research Your Team Videos Text Messaging Terms of Use
FREE NEWSLETTERS
Total Wealth Research Power Profit Trades Profit Takeover Penny Hawk Trading Today Midday Momentum Pump Up the Close
PREMIUM SERVICES
Money Map Press Home Money Map Report Fast Fortune Club Weekly Cash Clock Night Trader Microcurrency Trader Hyperdrive Portfolio Rocket Wealth Initiative Extreme Profit Hunters Profit Revolution Quantum Data Profits Live Trading Alliance Trade The Close Inside Money Trader Expiration Trader Flashpoint Trader Darknet Hyper Momentum Trader Alpha Accelerators Weekly Profit Cycles Brutus Alerts Resource Traders Alliance

© 2023 Money Morning All Rights Reserved. Protected by copyright of the United States and international treaties. Any reproduction, copying, or redistribution (electronic or otherwise, including the world wide web), of content from this webpage, in whole or in part, is strictly prohibited without the express written permission of Money Morning.

Address: 1125 N Charles St. | Baltimore, MD, 21201 | USA | Phone: 888.384.8339 | Disclaimer | Sitemap | Privacy Policy | Whitelist Us | Do Not Sell or Share My Personal Information

wpDiscuz