As OPEC meets on December 6, here's how oil prices moved post meetings

The cartel is considered to be the most powerful players in the global supply of oil, as the organisation produces more than a third of global oil supply.

The 14 countries produce around 40 million barrels of oil per day, which provides them with a significant influence over the oil prices.

It conducts regular meetings to increase or reduce oil production. By increasing or reducing oil production, OPEC nations controls world's oil supply.

The OPEC nations last met in June 2018, which resulted in a 3 percent jump in the Brent crude oil prices in seven days post-meeting. In the meeting, the OPEC nations came to a conclusion to increase oil output.

 

In an ideal situation, the global crude oil price should have come down with an increase in the output, but the prices moved north anticipating the loss of oil supply from Iran and Venezuela in the weeks to come.

However, there have been instances where the global crude oil prices witnessed a sharp correction post-OPEC meeting. Four years back, in November 2014, after the OPEC meeting, the price of crude oil fell more than 9 percent in just seven days.