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Delegates say OPEC+ does not expect the upcoming monitoring session to change supply levels for the rest of the year. The group plans to gradually restore 2.2 million bpd of suspended crude from October.
Prices have stabilised with Brent near $85 a barrel, and members are likely to wait and see how summer demand develops.
Holding supply steady through the rest of 2024 keeps the market tight in the near term, supporting energy and fuel costs. Dependence on summer demand means the price path remains uncertain for feed-related energy inputs.
offshore-technology.comEd PearceyJul 19, 2024After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
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.
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.
