The JMMC was established following OPECs 171st Ministerial Conference Decision of 30 November 2016 and the subsequent Declaration of Cooperation made at the joint OPEC-non-OPEC ministerial meeting held on 10 December 2016.
At the December meeting, 11 non-OPEC oil producers cooperated with the 13 OPEC Member Countries in a concerted effort to accelerate the rebalancing of the global oil market through an adjustment in combined production of 1.8 million barrels per day.
The Organization of the Petroleum Exporting Countries (OPEC) is a permanent, intergovernmental Organization, created at the Baghdad Conference on September 10–14, 1960, by Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
The two joint organizations OPEC-JMMC arranged a meeting, which will take place on 2nd December, 2021. The meeting may possibly be virtual.
What will happen after the meeting？
The OPEC-JMMC meetings which will be hosted on Thursday, December 2 during the whole day attended by representatives from the 13 OPEC members and 11 other oil-rich nations. They will discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
The last time the global supply was not changed, XBR/USD lost $3.5.
To use the OPEC-JMMC meetings and trade, below are the key notes to know？
• If the supply increases, the oil will likely weaken.
• If the supply decreases, the oil will likely strengthen.
Instruments to trade: XBR/USD, XTI/USD.
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