How does the outcome of the meeting of the Organization of Petroleum Exporting Countries affect crude oil prices? Many novice investors may ask, why do you need to pay attention to the OPECOPEC meeting when investing in crude oil? How does the outcome of the meeting of the Organization of Petroleum Exporting Countries affect crude oil prices? Let's give you a detailed introduction.

What is the Organization of Petroleum Exporting Countries?

The Organization of Petroleum Exporting Countries, that is, the Organization of Petroleum Exporting Countries, is transliterated as the Organization of Petroleum Exporting Countries in Chinese. It was established on1September, 1960 14, and the record number of the Organization of Petroleum Exporting Countries in the United Nations Secretariat is19621.6. Become a formal international organization. Its purpose is to coordinate and unify the oil policies of member States and safeguard their respective interests. The existing 13 member countries are Saudi Arabia, Iraq, Iran, Kuwait, United Arab Emirates, Qatar, Libya, Nigeria, Algeria, Angola, Ecuador, Venezuela and Indonesia.

The influence of the meeting of the Organization of Petroleum Exporting Countries on crude oil prices

The Organization of Petroleum Exporting Countries decided to cut crude oil production: the price of crude oil rose.

The Organization of Petroleum Exporting Countries decided to increase crude oil production: the price of crude oil fell.

OPEC keeps output unchanged: crude oil will continue its trend.