Brent Hits $116 as OPEC Meets With Saudi Output 4.5 mb/d Below Quota

After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.

• Apr 1, 2019OPEC oil output hits four-year low on Saudi cuts, Venezuela blackouts+2.9%
• Jan 30, 2023OPEC+ seen sticking with oil output policy at Feb. 1 meeting - delegates | Reuters-7.7%
• Jan 3, 2019OPEC oil output posts biggest drop since 2017 on Saudi move+10.9%
• Jul 31, 2019OPEC oil output hits lowest since 2011 on Saudi cut, sanctions: Reuters survey-7.6%
• Apr 9, 2020Saudi Arabia and Russia end their oil-price war with output cut agreement-20.8%

After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.

• Apr 1, 2019OPEC oil output hits four-year low on Saudi cuts, Venezuela blackouts+4.9%
• Jan 30, 2023OPEC+ seen sticking with oil output policy at Feb. 1 meeting - delegates | Reuters-7.9%
• Jan 3, 2019OPEC oil output posts biggest drop since 2017 on Saudi move+12.6%
• Jul 31, 2019OPEC oil output hits lowest since 2011 on Saudi cut, sanctions: Reuters survey-7.6%
• Apr 9, 2020Saudi Arabia and Russia end their oil-price war with output cut agreement-20.7%