OPEC+ issues new plan for oil cuts to compensate for overproduction

After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.

• Sep 17, 2020OPEC+ JMMC agrees to extend compensation period for overproduction till year-end – Reuters — Octa-0.6%
• Oct 15, 2022OAPEC Sec Gen says OPEC+ decision to cut oil production 'correct' | Reuters-0.7%
• Sep 17, 2020Oil reverses losses to gain 2% as OPEC urges compliance with production cuts-0.6%
• May 30, 2024OPEC+ working on complex production cut deal for 2024-2025, sources say | Reuters-6.5%
• Aug 19, 2020OPEC+ leaders push to maintain production cuts as oil recovery slows+0.8%

After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.

• Sep 17, 2020OPEC+ JMMC agrees to extend compensation period for overproduction till year-end – Reuters — Octa-0.7%
• Oct 15, 2022OAPEC Sec Gen says OPEC+ decision to cut oil production 'correct' | Reuters+0.8%
• Sep 17, 2020Oil reverses losses to gain 2% as OPEC urges compliance with production cuts-0.7%
• May 30, 2024OPEC+ working on complex production cut deal for 2024-2025, sources say | Reuters-6.8%
• Aug 19, 2020OPEC+ leaders push to maintain production cuts as oil recovery slows+1.2%