If you are an investor or trader of commodity market or any other financial market then you must have heard of OPEC monthly oil market report. And the best source of getting the data on OPEC monthly report is an economic calendar. The investors and traders use this data to get a detailed analysis of key major political and events which significantly affect the oil prices, demand & supply, and oil market balance. The data comes in OPEC Monthly report characterize the situation in the global oil market. It is because the data are given by none other but OPEC.
The OPEC is a permanent intergovernmental organization called “The Organization of the Petroleum Exporting Countries” which was created to coordinate and fuse petroleum policies among member countries in order to secure stable prices for petroleum producers, regular supply to consuming countries, and a fair return on capital to those who invested in the industry.
It started out with five countries as founding members include Saudi Arabia, Iran, Iraq, Kuwait, and Venezuela. Later, it becomes an organization of 14 countries including these fives along with United Arab Emirates, Nigeria, Angola, Equatorial Guinea, Congo, Gabon, Ecuador, Algeria, Libya, Indonesia, and Qatar etc.
This permanent intergovernmental organization was created to avoid fluctuations that might affect the economies of both purchasing and producing countries. Since oil plays a major role in any country’s economy and its financial markets, the report released by the OPEC gives crucial information on global oil prices and prices of oil within the respective economy of the country.
Any fluctuation in oil prices affects the commodity market, stock market, currency market, and other financial markets of the country along with its economy. Thus, the OPEC’s influence on the market widely criticized.
Also, it is the reason why OPEC has a considerable amount of power in these markets. Investors and digital participants who are investing in financial markets must go through the OPEC monthly oil market report to gain the latest information on any movement in the oil prices, demand and supply, and balance. This will allow investors and traders to make informed decisions regarding their investment based on the right information.
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