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OPEC+ is scheduled to raise output by 180,000 barrels per day in December, according to the report. Iraq and Kazakhstan have pledged to cut 123,000 bpd in September to offset earlier overproduction.
A planned supply increase from December adds to expected crude availability, which weighs on oil prices unless demand improves. Compensation cuts by overproducing members partly offset that pressure.
reuters.comSep 26, 2024After 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.
After 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.
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.
