Key Information About the OPEC Meeting Schedule

When participating in trading on the financial markets, it is always important to keep an eye on the economic calendars so that you are aware of important upcoming news releases and key events occurring in the financial world. An awareness of the scheduling of high impact data releases means that a trader can plan their trades accordingly, to either avoid the risk of investing at such a volatile time or to benefit from the rapid movements in asset prices that occur around these events. One of the most important dates to be aware of in the economic calendar is the timing of the OPEC meeting, as the outcome of this meeting will have a significant impact upon market prices and especially that of global oil.

What is OPEC?

opecOPEC is short for the Organisation of Petroleum Exporting Countries and it is a permanent organisation, designed to be intergovernmental, which was formed at the 1960 Baghdad Conference by the nations of Venezuela, Saudi Arabia, Kuwait, Iraq and Iran. These 5 founding countries later were joined by another 9 member countries, namely Qatar in 1961, Indonesia in 1962, Libya in 1962, United Arab Emirates in 1967, Algeria in 1969, Nigeria in 1971, Ecuador in 1973, Angola in 2007 and Gabon in 1975. While some of these states have on occasion temporarily suspended their membership of the organisation, they are all currently participating members of OPEC. The headquarters of OPEC were originally located in Geneva in Switzerland, however after five years, it was relocated to Vienna, Austria. The purpose of OPEC is to unify and co-ordinate the policies surrounding petroleum amongst its member countries with the aim of securing stable and fair pricing on behalf of producers of petroleum as well as ensuring a regular, economic and efficient petroleum supply to consuming nations and guaranteeing fair returns on capital to anyone investing in the petroleum industry. The fourteen nations who are members of OPEC accounted in 2015 for 43% of the world’s oil production as well as holding 73% of global “proven” oil reserves. This means that OPEC have a significant impact on the prices of oil around the globe. Over the last decade, the world economy has represented a major risk to oil markets because of macroeconomic uncertainties and heightened risk about international financial systems. Increasing amounts of social unrest around the world has also had a major impact upon supply and demand, although overall, balance has been relatively maintained in the market until 2014 when oversupply combined with speculation to result in a fall in global oil prices. More recently, there have been further shifts in trade patterns, with increasing demand in Asian countries combining with a stronger world focus on environmental concerns and an expectation of a new climate change agreement to be led by the United Nations. Despite this, the OPEC nations still continue to aim for stability across the oil market.


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Which are the Current Member Countries of OPEC?

Currently, the countries which are members of OPEC include the following:

  • Angola
  • Algeria
  • Ecuador
  • Indonesia
  • Iran
  • Iraq
  • Kuwait
  • Libya
  • Nigeria
  • Qatar
  • Saudi Arabia
  • United Arab Emirates
  • Venezuela

Sudan issued an application for membership of OPEC in October 2015 and are currently awaiting a formal decision as to whether or not their application has been successful.

Production Comparison of OPEC Countries

Country Region Membership Years Population Area Oil Production Proven Reserves
Algeria Africa 1969 – present 39542166 2381740 1721000 12200000000
Angola Africa 2007 – present 19625353 1246700 1756000 9060000000
Ecuador South America 1973-1992 and 2007 – present 15868396 283560 556000 8240000000
Gabon Africa 1975 – 1994 and 2016 1705336 267667 213000 2000000000
Indonesia South East Asia 1962-2008 and 2016 – present 255993674 1904569 917000 3740000000
Iran Middle East 1960 – present 81824270 1648000 3377000 157300000000
Iraq Middle East 1960 – present 37056169 437072 3364000 140300000000
Kuwait Middle East 1960 – present 2788534 17820 2767000 104000000000
Libya Africa 1962 – present 6411776 1759540 516000 48470000000
Nigeria Africa 1971 – present 181562056 923768 2428000 37140000000
Qatar Middle East 1961 – present 2194817 11437 2055000 25240000000
Saudi Arabia Middle East 1960 – present 27752316 2149690 11624000 268350000000
United Arab Emirates Middle East 1967 – present 5779760 83600 3474000 97800000000
Venezuela South America 1960 – present 29275460 912050 2685000 297740000000
OPEC Total 707,380,083 14,027,213 34,288,000 1,216,840,000,000
World Total 7,256,490,011 510,072,000 80,043,000 1,656,130,000,000
OPEC Percent 10% 3% 43% 73%

How Many OPEC Meetings are There Each Year?

The supreme authority of the OPEC organisation is the OPEC conference, and this is made up of delegations which are normally spearheaded by the oil minister of each respective member country. The OPEC Secretary General is the organisation’s chief executive. Ordinarily, the Conference takes place at their headquarters in Vienna, Austria, and in normal circumstances it occurs a minimum of twice per annum, with extra meetings taking place as and when required. Generally, the Conference operates with the principle of unanimity, with each member having one vote and every country having to pay the same fee for membership into an annual budget. In practice, as Saudi Arabia stands out from the other member countries as being the biggest and most profitable oil exporting country worldwide, it has the capacity to act as a swing producer, balancing global markets and therefore serves as the de facto leader of OPEC.

When is the Next OPEC Meeting?

Here is the OPEC meeting schedule for the upcoming OPEC meetings:

OPEC Meeting Dates for 2016

Month Date Event
June 2nd 169th Ordinary OPEC meeting in Vienna, Austria
November 30th 170th Ordinary OPEC meeting in Vienna, Austria

There is also an informal OPEC meeting which has been scheduled to coincide with the 15th International Energy Forum in Algeria. This will take place between 26th and 28th September 2016.

What is the Significant of OPEC Meetings for Traders?

Fundamental analysis is always important for a trader who wishes to achieve the best possible success in the financial markets, and keeping a close eye on the economic calendar and economic indicators is a major part of this. OPEC meetings have a significant impact upon the global prices of oil, which in turn affects the prices of numerous other assets and also impacts upon global economies and currencies. Having an awareness of the dates upon which an OPEC meeting has been scheduled enables an investor to prepare in advance for the volatility such an event brings in its wake and they will therefore be able to use this information to either avoid making any trades until the outcomes of the meeting are known, or alternatively to take a calculated risk of placing their chosen trade at this time in order to capitalise upon the expected outcomes of the OPEC Conference.

When Forex trading, it is important to know that global currencies are affected by economic factors like geopolitical events, interest rates, supply and demand and economic growth. As the economic growth of a country as well as its exports are all linked to domestic industry, it is important to know that the pricing of commodities like oil will influence the currencies of some countries more than others. When there is a decline or indeed an increase in the price of oil, there will be a major effect upon the economies of certain countries, with three of the currencies which are most impacted by commodity prices being the New Zealand Dollar, Canadian Dollar and Australian Dollar. This information is obvious vital to know if you are a keen Forex trader, especially if you have an interest in profiting from trading these specific currency pairs. The decisions taken at OPEC meetings, such as whether to maintain or freeze oil production, will of course have a measurable impact upon the value of the affected currencies and this data can be used to inform the trades being placed in the volatile market that surrounds these key economic events.

If you are a trader who is keen to avoid taking risks with your money, you should steer clear of investing in currency pairs or other affected assets around the time of the scheduled OPEC meetings as this period traditionally sees a considerable amount of price movement and the chances of making a loss are much higher. Alternatively, you may wish to pay close attention to the expert predicted outcomes of the OPEC meetings and place your trades in accordance with these predictions in an attempt to capitalise upon this volatility and in the hope of gaining a higher profit.

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