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Bloomberg's survey showed OPEC crude output fell by 120,000 bpd in December to 27.05 million bpd, mainly due to the UAE. Reductions in Iran and Kuwait offset gains in Libya and Nigeria.
ADNOC also cut crude cargo allocations to some Asian customers for January and February.
Cutbacks by the UAE and tighter export allocations reduce available supply, which is mildly supportive for crude prices. Higher energy prices raise diesel and freight costs for feed buyers.
worldoil.comGrant Smith, Julian Lee, Bill LehaneJan 6, 2025After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
