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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

OPEC+ meeting scheduled for June 6

June, 05 2020
watermark Economic news

Today it became known that the ministerial meetings of OPEC and OPEC + will be held on the same day, June 6. The decision to hold these events suggests that countries that are not fully implementing the deal (Iraq, Nigeria and Kazakhstan) in the past months have promised to compensate for this later by increasing production cuts. Approximately 1.5 million bpd in the following months.


In May, OPEC countries were to reduce production by 6.085 million bpd from 26.7 million bpd. According to preliminary data, OPEC countries completed the deal in May by about 75%, in particular because of Iraq and Nigeria. Nigeria reported that it completed the deal by 52%.


This news provided strong support for Brent quotes: on Friday, oil rose to $41.60 per barrel.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.