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OPEC OPEC (Organization of the Petroleum Exporting Countries) is a group of 13 major oil-exporting nations, including Saudi Arabia, Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, the United Arab Emirates, Venezuela and Indonesia. The mission of the organization is to coordinate and unify the petroleum policies of its member countries and ensure the stabilization 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. OPEC works to ensure the stability of global oil prices and promote the development of economic and social projects in member countries. OPEC also works to reduce global dependence on oil and promote the use of alternative energy sources.
European markets are expected to open mostly down on Wednesday as investors focus on upcoming significant U.S. inflation data and the European Central Bank's interest rate decision.The highly anticipated U.S. consumer price index (CPI) report is scheduled for release later today. Analysts predict that consumer prices in the U.S. will have increased by 0.2% for the fifth consecutive month in November. Year-over-year consumer price growth is projected to rise to 2.7% from October's 2.6%. Core CPI, which removes the more volatile food and energy prices, is anticipated to ascend by 0.3% for the fourth month in a row, maintaining an annual growth rate of 3.3%.These consumer inflation figures, alongside producer price data expected on Thursday, could influence future U.S. interest rate forecasts. The CME Group's FedWatch Tool indicates that markets are currently anticipating an 85% probability of a Federal Reserve rate cut next week. There remains significant uncertainty about the Fed's interest rate path in the coming year.Meanwhile, the Bank of Canada is poised to reduce interest rates by 50 basis points in a meeting today, following a sharp increase in Canada's unemployment rate to an eight-year peak in November. Market expectations are set for a 25-basis point rate cut from the European Central Bank and a 50-basis point reduction by the Swiss National Bank on Thursday.In Asia, stock markets showed mixed results as Chinese policymakers gathered in Beijing to establish economic policies and targets for the next year. The Asian Development Bank's latest Asian Development Outlook highlighted potential risks from shifts in U.S. trade, fiscal, and immigration policies, which could impede growth and increase inflation in emerging Asian markets.The USD saw a slight dip during Asian trading, while gold remained stable and approached a two-week high amid close monitoring of escalating conflict in Syria. On Tuesday, the Israeli military declared it executed around 480 airstrikes over 48 hours, targeting vital military locations across Syria. This followed the recent collapse of President Bashar al-Assad's government.Oil prices edged up ahead of OPEC's monthly report, which will offer insights into market conditions. Furthermore, market participants responded to reports of the U.S. contemplating stricter sanctions on Russia's oil trade to hinder its war activities, potentially focusing on particular exports.On Wall Street, U.S. stocks closed lower overnight as initial gains dissipated ahead of the crucial CPI report expected to show another increase in the annualized figure. The Dow Jones Industrial Average fell by 0.4%, while both the Nasdaq Composite and the S&P 500 each declined by approximately 0.3%.In Europe, markets ended lower on Tuesday, breaking an eight-session losing streak, after disappointing Chinese trade data underscored mounting trade issues. The pan-European STOXX 600 dropped by 0.5%. Meanwhile, Germany's DAX barely nudged downwards, France's CAC 40 fell by 1.1%, and the UK's FTSE 100 decreased by 0.9%.The material has been provided by InstaForex Company - www.instaforex.com
OPEC+’s decision to delay a rollback of production cuts agreed last year has rekindled trader interest in the commodity with a view to a tighter supply picture in 2025. The latest news out of China could reinforce that interest, giving oil prices a chance ...
Crude Oil is making its way back above $70.00 this Friday in the US trading session with markets reluctant to dive into the rally seen earlier in the week. The OPEC+ report was a good element for Oil prices to head higher, but traders are still warning for
OPEC+ is wary of a renewed rise in U.S. oil output when Donald Trump returns to the White House, delegates from the group said, because more U.S. oil would further erode OPEC+ market share and hamper the producer group's efforts to support prices. OPEC+ pumps about half of the world's oil and earlier this month delayed a plan to raise output until April.
The OPEC+ group is wary that coming deregulation in the U.S. energy sector could boost U.S. oil production higher than forecast under incoming President Donald Trump, OPEC+ delegates have told Reuters. More U.S. oil supply could further erode OPEC+’s ...
OPEC+ expresses concern about a possible increase in oil production in the United States after Donald Trump returns to the White House. The expansion of U.S. supplies could undermine the alliance's