Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman reaffirm commitment to market stability on current healthy oil market fundamentals and steady global economic outlook and adjust production

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.

• Oct 1, 2019Saudi Arabia crude oil production outage affects global crude oil and gasoline prices-3.3%
• Mar 1, 2026How the attack on Iran could impact the global oil market and economy+31.0%
• Apr 9, 2020Saudi Arabia and Russia end their oil-price war with output cut agreement-20.8%
• Jul 23, 2026Global oil tops $100, settles at 2-month high after Houthis strike Saudi tankers and Trump threatens ‘military punishment’ on Iran - MarketWatch-9.5%
• Nov 30, 2018OPEC Advisory Committee Said to Recommend Oil Production Cut - Bloomberg+0.1%

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.

• Oct 1, 2019Saudi Arabia crude oil production outage affects global crude oil and gasoline prices-2.5%
• Mar 1, 2026How the attack on Iran could impact the global oil market and economy+35.6%
• Apr 9, 2020Saudi Arabia and Russia end their oil-price war with output cut agreement-20.7%
• Jul 23, 2026Global oil tops $100, settles at 2-month high after Houthis strike Saudi tankers and Trump threatens ‘military punishment’ on Iran - MarketWatch-7.9%
• Nov 30, 2018OPEC Advisory Committee Said to Recommend Oil Production Cut - Bloomberg+0.1%