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Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman announced production adjustments and reaffirmed their commitment to market stability. The statement came after the group's monthly meeting.
A coordinated output increase adds supply at the margin, which is mildly bearish for crude. Its effect is limited while Gulf export routes are disrupted.
spa.gov.saMar 1, 2026After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
