OPEC Meetings
Monitor OPEC meetings, pivotal in shaping global oil prices by setting production levels.
Overview
OPEC countries account for approximately 40% of the global oil supply and maintain a coordinated approach to their production levels. Given their substantial influence over oil supply, any changes in their production can significantly affect oil prices. OPEC meetings typically take place in Vienna, gathering representatives from 12 oil-rich nations. During these meetings, they address various topics related to energy markets and, most importantly, reach agreements on their oil production levels. While the meetings are not open to the media, officials often engage with reporters throughout the day, and a formal statement detailing policy decisions and meeting outcomes is released afterward.
Key Information
What it Measures
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Usual Effect
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Source & Frequency
OPEC (latest release) - https://www.opec.org/ • Twice a year
How Data is Derived
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Also Known As
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Acronym
The Organization of Petroleum Exporting Countries (OPEC)