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Several key OPEC ministers from Saudi Arabia, the UAE, Kuwait and Iraq, along with Libya's minister, met in Riyadh on January 27. Delegates said they discussed production plans and the market outlook ahead of a February 3 monitoring committee meeting.
The meeting followed repeated calls from Trump for more oil output.
A possible output increase ahead of the February 3 meeting would add supply and pressure crude prices lower. Lower energy costs would support feed margins.
spglobal.comCharlie Mitchell, Rosemary GriffinJan 27, 2025After 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.
