Economic data from this week is relatively quiet…

Dominating the news wires will of course be the OPEC meetings scheduled this week.

The OPEC member nations and Russia are expected to further extend the production cuts in a bid to send oil prices higher.

On the economic front, the data ahead will focus on the second revised GDP estimates for the third quarter in the U.S.

GDP is forecast to rise slightly higher. Elsewhere, Canada will be reporting on the monthly GDP figures.

Later in the week, data from the U.S. will include the core PCE data as well as the ISM manufacturing PMI data for the month of November.

OPEC meetings to set the tone for oil prices

Member nations of the OPEC will be convening in Vienna, Austria this week.

The OPEC meetings will also be joined by Russia, one of the largest non-OPEC oil producing nations.

At the agenda, the main focus will be on whether the production cuts on oil supply from OPEC and Russia will be extended.

Nations managed to stabilize oil prices

Recent data showed that the member nations were serious about curbing the oil output which sent crude oil prices plunging.

The move, led by Saudi Arabia was seen as a measure to squeeze out the U.S. shale oil producers.

However, the production supply glut came at a hefty prize for the OPEC nations. Following the decision to start curbing oil output, the nations managed to stabilize oil prices.

Will OPEC members continue to extend the production cuts?

In October, data showed that both OPEC and non-OPEC members honored their commitment to cutting production.

This combined effort from the 21 nations was an attempt to cut oil supply by 1.8 million barrels per day.

So far, Iran has been exempt from the production cuts.

November’s OPEC meeting will no doubt bring some volatility to the oil markets but by and large, the wider speculation is that the OPEC members will continue to extend the production cuts for the near future.