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The Platts OPEC+ survey showed OPEC+ crude output rose 30,000 bpd to 41.04 million bpd in March, reaching an eight-month high. Producers with quotas pumped 319,000 bpd above target, and Kazakhstan and Iraq again missed their targets.
The survey was released April 10.
Rising OPEC+ output and persistent overproduction add supply to a market already pressured by weaker demand, which points to lower crude prices. Lower oil prices reduce energy costs but weigh on biofuel-linked demand for vegetable oils.
spglobal.comApr 11, 2025After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.
After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% 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.
