These Two Meetings Will Affect Oil And Gold Prices In May

These Two Meetings Will Affect Oil And Gold Prices In May

Businessman checking stock market data on computer screen and contemplating OPEC+, which is comprised of oil-producing countries, ministers from the Organization of the Petroleum Exporting Countries (OPEC) and their allies, including Russia and Kazakhstan, will be making another important decision about oil supply this week. Oil ministers will be meeting virtually today to discuss the matters about oil supply. Oil pump rig. Oil and gas production. Oilfield site. Pump Jack are running. Drilling derricks for ... [+] fossil fuels output and crude oil production. Global coronavirus COVID 19 crisis. War on oil prices. On Monday, technical experts from the oil cartel sent a more optimistic message on the back of the improving global oil demand this year. However, not everything was optimistic in their report. There were clear concerns about the adverse influence of the exploding coronavirus situation in India. Analysts believe that the raging outbreak of coronavirus in India, along with resurgent Covid-19 cases in Japan and Brazil, could dent oil demand as much as 350K barrels per day (bpd). Oil demand looks incredibly strong elsewhere. For instance, growth is accelerating over in the U. S., and Chinese economic numbers are also consistently improving. As for Europe, coronavirus restrictions