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Oil traders are focused on this OPEC—led meeting of major crude producers

Written by Myra P. Saefong at MarketWatch

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Oil traders are eagerly awaiting a meeting of major oil producers Friday that will offer an update on the progress of OPEC-led production cuts and possible hints at extending the agreement to curb output.

“The focus of the energy market is decidedly on Vienna right now as oil heavyweights from around the world gather for the meeting” Friday,” said Tyler Richey, co-editor of the Sevens Report.

The OPEC/Non-OPEC Ministerial Monitoring Committee, or JMMC, comprised of OPEC members Algeria, Kuwait and Venezuela as well as non-OPEC countries Russia and Oman, was established late last year in the wake of the production-cut agreement. They’ve been holding monthly meetings to discuss compliance with the cuts and oil-market progress toward their goal for balanced global supply and demand.

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Written by Myra P. Saefong at MarketWatch

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