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OPEC and non-OPEC participants in the Declaration of Cooperation agreed in Riyadh on June 2, 2024 to extend overall crude production levels from 1 January to 31 December 2025. They also extended the assessment period for 2026 reference production levels to the end of November 2025 and kept the Joint Ministerial Monitoring Committee meeting every two months.
Keeping output restrained through 2025 supports crude prices and removes near-term supply growth. Lower crude expectations can weigh on biofuel feedstock economics and feed-related costs.
spa.gov.saJun 2, 2024After 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.
After 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.
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.
