OPEC+ held quotas unchanged for November. Do quota decisions still move your oil or CAD and NOK trades?

On 4 October seven OPEC+ countries (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman) decided to maintain September's required production for November and to meet again on 1 November (full report).

The quota, though, is no longer the main constraint on supply. The International Energy Agency's September report put OPEC+ crude output at 33.11 million barrels a day in August and described a market where supply has been cut sharply by the conflict in the Middle East, with world demand forecast to fall by 2.5 million barrels a day this year (report). Brent has traded above $100 for much of September (report).

If producers are pumping below their limits already, a "no change" decision tells you less than it did when quotas were binding. Traders still watch the meetings because a hint of a change in policy can move prices before any barrels do.

We would like to hear how you handle it:

• Do OPEC+ meetings still affect your oil trades, or have you moved to watching shipping, inventories and the IEA's numbers?
• For the Canadian dollar and the Norwegian krone, do you trade the oil price or the OPEC+ headline?
• What do you check on the day of a meeting, and what do you ignore?
• Do you trade the weekend gap that a Sunday decision can leave?

Oil and inflation covers why energy matters beyond currencies.

Please share your own approach and reasoning, not calls for others to copy. Posts that promise a direction or sell signals will be removed.