saudi-arabia-opec-300x198After 17:00 was announced information which world markets expected since early morning. The president of the Organization uniting some of the largest oil producers confirmed that it was able to conclude an agreement. Commodity Currencies and black gold reacted to information with increases. We invite you to our last afternoon comment this month!

Wednesday was full of emotions – main events of today

Although the most important day of the week was to be Friday (December 2) due to the publication of NFP, the session on November 30, also provided a large amount of excitement. Not only because of the rich calendar of macro-economic, but also because of a OPEC meeting . The brief summary of today’s headlines:

OPEC agreement was reached – production will be cut

Before OPEC has taken an official decision, which was handed over during a press conference, the markets reached a series of important information transmitted from behind closed doors. Bloomberg and Reuters competed in publishing comments from unnamed sources, so every hour increasing optimism encouraged markets.

The most important was the information about the agreement to cut daily production by 1.2 million barrels to 32.5 mbd (million barrels per day) from January 2017 year. For bulls on oil those were undoubtedly very good news, indicating that the proposal presented yesterday in Algeria has been fully accepted. Earlier reports said about daily cut of production around 1.4 mbd , however, achieved consensus, is highly satisfactory.

Were confirmed rumors that Indonesia was “asked” to leave the organization – as it is a net importer. Among the markets observers , there are opinions that OPEC very cleverly found a way to reduce the total production of organization excluding one of the members.

Ropa WTI H1 – notowania ropy WTI na wieść o porozumieniu pokonały dotychczasowe szczyty i testują maksima sesji z 22 listopada
OIL.WTI H1 – price defeated all previous highs and is testing high from 22 of November

Several other important headlines of the conference can be found below:

  • Key oil producers outside OPEC agreed to reduce production by about 600,000 barrels
  • Russia agreed to reduce production by 300,000 barrels
  • Oil production in Saudi Arabia reduced to 10.058 million barrels per day
  • The Saudi minister of Energy was very pleased with the results of the meeting
  • An important step forward and an historic moment – said the director of OPEC
USD/CAD H1 – na Loonie sytuacja jest jednak zdecydowanie bardziej mieszana. Notowania na początku dnia wyraźnie się osuwały, jednak po serii danych z USA ponownie odbiły. Po godzinie 17:00 widać wyraźne niezdecydowanie, na delikatną korzyść CAD.
USD/CAD H1 – on Loonie situation is a bit mixed. Price declined first half of the day ,after data from USA went up. After 17:00 is in consolidation without determined direction

What awaits us on Thursday ? :

Thursday’s calendar (Dec. 1) will open at 02:00 our time, when China will share the results of PMI Industrial. The next important event during the session include:


  • 9:15 and 10:00 PMI industrial individual euro area countries and the whole Eurozone
  • 10:30 UK PMI Industrial
  • 11:00 The unemployment rate in the euro zone
  • 14:30 Initial Jobles Claims in the US
  • 15:30 PMI Industrial canada by RBC
  • 15:45 Industrial Markit PMI for the US
  • 16:00 Expenditure on the construction industry in the US
  • 16:00 Industrial PMI by ISM
  • 22:45 Building Permits

From what we can see tomorrow’s calendar again is filled with a large amount of data. On Friday, however, its far lighter and the market will focus only on NFP.

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