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OPEC+ agreed on June 2, 2024 to extend its official crude output cuts into 2025, in line with analyst expectations. A subset including Saudi Arabia and Russia also agreed to extend about 1.7 million barrels per day of voluntary cuts and to stretch 2.2 million barrels per day of other voluntary cuts through the third quarter.
The extension was widely expected, so it confirms supply restraint rather than adding new tightness. Continued restraint keeps crude and energy costs supported, which matters for feed and biofuel pricing.
businessday.co.zaAhmad Ghaddar, Alex Lawler, Maha El DahanMay 2, 2024
cnbc.comRuxandra IordacheJun 2, 2024
theguardian.comGraeme WeardenJun 2, 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.
