◂ Event Timeline

Oct 3, 2024POLICYAsia

OPEC+ still has an Asia dilemma as crude imports remain soft

Reuters reports that OPEC+ is on track to ease output cuts by 180,000 bpd from December after postponing its earlier increase. The group retains the option to delay further, and Asian crude imports remain soft.

WHY IT MATTERS

Soft Asian import demand combined with a planned supply increase is a mild bearish signal for crude, and any further delay would offset that.

AFFECTSCrude Oil (WTI)◆

SOURCE
reuters.comClyde RussellOct 3, 2024

Price reaction & history

Crude Oil (WTI)◆neutralSO FAR1d +5.1%5d +4.4%20d -2.4%

After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% over 20.

Jun 8, 2026OPEC+ output increase has little impact while Strait of Hormuz remains closed, says Rystad - OPEC+ output increase has little impact while Strait of Hormuz remains closed, says Rystad-6.1%
Nov 4, 2019The Dilemma Continues: OPEC choices amid high uncertainty - Oxford Institute for Energy Studies+1.8%
Jun 12, 2020OPEC: Back from the Depths, But Challenges Remain+6.6%
Nov 27, 2018Malaysia’s biodiesel plan faces uphill struggle as crude slumps+2.8%
Jun 3, 2017Opec in dilemma over output cut extension: QNB | The Peninsula Qatar-3.9%

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.

Crude Oil (WTI) WTI · GP ▸

——— · ·

Loading…