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Reuters explainer describes how OPEC+ producers are unwinding output cuts, noting the group has released about 2.9 million bpd since April. The group still holds roughly 3.24 million bpd of cuts, about 3% of global demand.
Hikes have been paused for the first quarter of 2026.
Remaining cuts of about 3.24 million bpd limit supply and support crude prices, which affects diesel and freight costs for feed buyers. The pace of unwinding determines how quickly that support fades.
reuters.comAhmad GhaddarDec 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.
