News

Saudi Arabia mulls quitting role as co-chair of OPEC+ JMMC

Oil drops on the Bloomberg headline

This is a murky headline at the moment but it might suggest that OPEC or Saudi Arabia is unhappy with the status quo… and the status quo is the only thing holding the oil market together.

WTI quickly to $44.69.

For now, there’s no story to go along with the headline. It could be anything from simple mechanics to a sign of trouble. My guess is that it’s probably nothing but given the run that oil has had and the looming event risk, I understand the market reaction.

The JMMC is the Joint Ministerial Monitoring Committee and it’s the group that oversees production quotas and the month-to-month deliberations ahead of the summits.

For bank trade ideas, check out eFX Plus

Articles You May Like

US January Empire Fed +3.5 vs +6.0 expected
US major broad indices close with solid gains
US stocks open with solid gains led by the NASDAQ index
3 Simple Moving Average Crossover Forex Trading Strategy|Triple EMA Forex Strategy
Australia housing finance for November data – home loans values beat

Leave a Reply

Your email address will not be published. Required fields are marked *