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OPEC+ is reportedly likely to go ahead with its planned oil output increase starting in October. The group, led by Saudi Arabia and Russia, is gradually restoring production that was halted since 2022.
Higher OPEC+ supply tends to weigh on crude prices, which feed through to diesel, freight and fertilizer costs for feed producers. A pause would instead support crude and those input costs.
reuters.comAhmad GhaddarAug 30, 2024After 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.
After 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.
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.
