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What to expect from the OPEC meeting this Thursday? High Volatility expected on Oil market!
Global Oil Producers Will Meet to Decide the Fate of Oil Prices.
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Investors worldwide are set to witness the fate of oil production and prices which will be decided on this Thursday, November 30, 2017.
Why Oil is hot right now?
Oil has been a large part of our lives since we discovered its versatility and by-products.
It has also proven to be a good investment asset for a long time. However, after the recent crash, the global energy sector struggled to maintain price levels.
What had happened?
Just a year ago, in November 2016, OPEC and 11 other producer countries, including Russia, had agreed to cut the oil production by 1.8 million barrels per day in the first half of 2017.
The deal was extended for 9 more months, until March 2018.
It helped Oil prices rise from below $30 to above $55 as it reduced the supply, balancing the demand.
What is going on right now?
OPEC and other producers will have a meeting in Vienna on Thursday to discuss extending their current production agreement.
However, Russia’s conservative approach to further extension is overshadowing the optimism towards the future Oil prices.
How could the decision of this meeting affect Oil prices?
