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OPEC+ agreed to pause a planned 180,000 barrel-per-day increase for October and November, with the full cut-unwinding timeline pushed back two months. The delay was reported through an OPEC statement.
The pause removes near-term supply growth and supports crude prices after a sharp decline. Higher crude raises energy and transport costs across feed supply chains.
bloomberg.comSalma El Wardany, Grant Smith, Fiona MacDonaldSep 5, 2024After 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.
After 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.
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.
