Loading…
OPEC+ has postponed plans to unwind several formal and voluntary crude production cuts into 2026, according to delegate sources. The group's combined output quota now runs until December 31, 2026, and a voluntary 2.2 million bpd cut will be extended into the first quarter of 2025 before hikes begin.
Oil prices have stayed subdued this year under weak demand expectations.
Postponing supply increases limits the oversupply that would otherwise weigh on crude prices, offering some support to energy costs. Crude moves transmit to diesel and fertilizer costs that affect feed production.
cnbc.comRuxandra IordacheDec 5, 2024After 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.
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.
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.
