OPEC meeting in Vienna
Speculations as to a potential agreement to freeze oil production in OPEC-member countries started up again this week before today’s meeting in Vienna. Note that last April, these countries were unsuccessful in reaching an agreement, which is leading many observers to doubt the outcome could be positive this time around: the lack of flexibility shown by Saudi Arabia and Iran is undermining any possibility of an agreement. However, OPEC countries will be sure not to rile markets as they are the first to benefit from the nearly 90% surge in crude oil prices since February.
We will be keeping an eye on the echoes of this meeting because financial markets could experience considerable volatility as a result. This morning, oil is hovering around US$49 a barrel, slightly lower than at the end of the day yesterday. We are also watching the European Central Bank’s meeting at 7:30 and the press conference that will follow.
