ROPEC (Russia,OPEC) consensus seen at 9-month extension on cuts

The stage is set for tomorrow’s 6th OPEC and non-OPEC Ministerial Meeting.  Oil is higher as Russia signaled that all ministers support a nine-month extension to production cuts.  If you are an oil bull and have followed OPEC meetings before, you will wait before opening up a bottle of champagne.  Tomorrow, the 24 oil producing countries are expected to confirm today’s findings:

  • Production cuts should be extended at least till end of year, with the best case scenario seeing an extension into the first quarter of 2020.
  • Iran will hold off on insisting to have anti-sanction language.

A big part of the crude equation will fall on global demand.  Today’s wrath of weaker than expected PMI data globally should cap further gains with oil prices today.  If the US ISM reading disappoints and falls to contraction, we could see oil prices attempt to fill the weekend gap.

The Canadian dollar is slightly lower to the greenback in early trade. Major support remains the 1.3000 handle.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023.

His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies.

Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with, where he provided market analysis on economic data and corporate news.

Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal.

Ed holds a BA in Economics from Rutgers University.