The meeting was held in Vienna on Friday under the co-chairmanship of OPEC’S President Manuel Fernandez, and Alexander Novak, Minister of Energy of the Russian Federation.
The pivotal outcome of the meeting was the decision of OPEC and non-OPEC states to cut oil production by half a million barrels per day, starting January 1st 2020.
In the minutes’ statement, it was manifested that ‘the agreement is subject to full conformity by every country participating in the DoC’ (Declaration of Cooperation), which was reached on the 10th of December 2016.
“The 7th OPEC and non-OPEC Ministerial Meeting, hereby decided for an additional adjustment of 500 tb/d to the adjustment levels as agreed at the 175th Meeting of the OPEC Conference and 5th OPEC and non-OPEC Ministerial Meeting. These would lead to total adjustments of 1.7 mb/d. In addition, several participating countries, mainly Saudi Arabia, will continue their additional voluntary contributions, leading to adjustments of more than 2.1 mb.”
The agreement to further bolster reductions in the overall output was mainly propagated by Saudi Arabia, which strives to secure favourable price stability ahead of the vastly anticipated Saudi Aramco IPO, which is expected to be the biggest one on record.
The price of USOIL jumped following the release of the news. It is currently trading at around 59.08 dollars per barrel.
The crucial takeaway from Friday’s trading session is the fact that the price of crude managed to successfully breakout above the major resistance level of 58.35, which is now likely to turn into support.
The next long-term target is the price level at 60.77, which is the 23.6 per cent Fibonacci retracement level.
USOIL 4H Price Chart. Image source: Trendsharks ©, created with TradingView.com
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