Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. Notably, the US previously opposed any cuts, increasing production while the previous OPEC+ deal was in place. OPEC and Russia have rescheduled a meeting set for Monday to discuss oil production cuts and ending a cruel oil price war. The risks of loss from investing in CFDs can be substantial and the value of your investments may fluctuate. (READ MORE: President Trump leaves Walter Reed Hospital), According to Mr. Trump, “This was a blessing in disguise – I caught it, I heard about this drug, I said let me take it and it was incredible.”, President Trump renewed his attacks on China, telling Americans, “You’re not going to pay for it. Behavioral Finance, Duke University. IG International Limited is licensed to conduct investment business and digital asset business by the Bermuda Monetary Authority and is registered in Bermuda under No. Prices continued to advance Friday, recovering some of the massive plunge seen over the past month. Still, analysts caution that the devil will be in the detail, and an output cut deemed too small could send prices down even further. At the last OPEC meeting – which began on 9 April 2020 and concluded on 12 April 2020 – various participating countries agreed to historic production cuts in response to an escalating price war, brought about by the coronavirus pandemic. President Donald Trump has fueled hopes of … Oil exporting group OPEC, led by top producer Saudi Arabia, and others – including Russia – will meet via video conference later Thursday and expectations are growing they will agree to reduce output to support prices. Other countries may attend meetings as observers if permitted by the conference, but they do not get a vote. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Get short URL. Disclaimer. Generally, these meetings are six months apart. Square has offices in the United States, Canada, Japan, Australia, Ireland, Spain, and the UK. OPEC’s stated aims are to ‘coordinate and unify the petroleum policies of its member countries and ensure the stabilisation of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.’. Saudi Arabia and Russia have engaged in an oil price war since the beginning of March when OPEC+ oil alliance fell apart, flooding the crude oil market with cheap oil just as demand plummeted because of the COVID-19 pandemic. The absence of a new deal, which Russia and Saudi Arabia failed to forge in early March, has only added fuel to the fire. All times are ET. This makes OPEC meetings important dates in some traders’ calendars. Current economic disaster is like three neutron bombs dropped on us, market analyst tells Boom Bust, Russia's gold & near-zero debt give it best chance of thriving in post-coronavirus apocalypse – Max Keiser, US debt crisis wasn’t supposed to happen until at least 2035. But his opponents say his behavior has become increasingly erratic. You should consider whether you understand how this product works, and whether you can afford to take the high risk of losing your money. The meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers that was set to take place on Monday may be rescheduled for April 8 or April 9, Reuters reported, citing sources.