OPEC+ Ministerial Meeting

What it measures

OPEC+ is the group of OPEC members and other oil-producing countries that work together under the Declaration of Cooperation signed in 2016. At ministerial meetings they agree production levels for the coming months.

The calendar shows the date and time of this release only; the decision itself is published in OPEC's press room, linked at the bottom.

Who publishes it and when

The OPEC and non-OPEC Ministerial Meeting is held a few times a year, and a Joint Ministerial Monitoring Committee meets about every two months to review the market and countries' output. Decisions are released as press statements, often during or after the meeting, sometimes at weekends.

How it is put together

Decisions are taken by the participating ministers. A smaller group of countries has in recent years also agreed its own voluntary output changes at separate meetings, which can matter as much as the main meeting.

What traders watch

Traders watch for changes in production targets, how long agreements last, and how closely countries have kept to earlier targets.

How markets have usually reacted

Surprise cuts have often lifted oil prices and supported currencies of oil exporters such as the Canadian dollar; surprise increases have often done the opposite. When the outcome is leaked or expected, the move can come before the meeting.

Common mistakes

• Expecting a release at a fixed time: statements can come late or over a weekend.
• Ignoring the separate decisions of the smaller group of countries.

Related news

• US Crude Oil Inventories (EIA)
• US Natural Gas Storage (EIA)
• Canada Consumer Price Index (CPI)
• Economic calendar: every release this week in your time zone
• Lot size calculator: keep your risk the same around news
• How to use an economic calendar: what happens around a release, and how to plan for it