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What are OPEC-JMMC Meetings?
OPEC stands for Organization of the Petroleum Exporting Countries. JMMC stands for Joint Ministerial Monitoring Committee. There are currently 13 members of OPEC, including Iran, Iraq, Saudi Arabia and Venezuela. However, some additional members are part of OPEC+, such as Russia and Kazakhstan.
OPEC is a group of countries reliant on Oil exports to support their economies. The group aims to keep production at levels which will protect energy prices and ensure competition in the market is limited. For this reason, the OPEC-JMMC meetings can influence the price of Crude and Brent Oil.
Why are OPEC-JMMC Meetings important for Crude and Brent Oil?
The price of oil is significantly influenced by supply, production and the cost of production. Investors rely on OPEC for supply indication as the group includes the largest producers and exporters and make up a large portion of the global reserves. If OPEC signals or confirms any changes in supply and production levels, the price will likely experience volatility. Lower supply and production support the price. Higher supply and production levels pressure the price.
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