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OPEC+ sources told Reuters the group will likely begin unwinding its 2.2 million bpd voluntary cuts in October, with eight members set to add 180,000 bpd. Libya's production fell about 700,000 bpd after eastern authorities shut oilfields amid political infighting, which largely offsets the planned increase.
Brent fell about 1.4% and WTI about 2.6% on the news.
A planned OPEC+ supply increase is bearish for crude, though Libyan outages partly cushion the impact on the market. Lower crude values also tend to weigh on vegetable oil and biofuel feedstock prices.
oilprice.comJulianne GeigerAug 30, 2024After 255 past bearish geopolitics events, WTI moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, BRENT moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 12 past bearish geopolitics events, PALMOIL moved a median -4.5% over 5 sessions (17% higher; middle half -5.9% to -2.3%), and -6.2% over 20.
After 28 past bearish geopolitics events, SBO moved a median -2.7% over 5 sessions (21% higher; middle half -8.3% to -0.7%), 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.
