OPEC, with 13 member countries and 10 affiliates, controls 35-40% of yearly oil production and 80% of reserves. Energy markets closely monitor OPEC meetings for production targets. Options data analysis shows positive pre-meeting returns and minor post-meeting declines in implied volatility. Extreme price and volatility changes not always linked to OPEC meetings.

Read more at Barchart: Crude Vol: When OPEC Talks