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OPEC+ said on June 2, 2024 that it would extend a cut of 1.65 million barrels per day, first announced in April 2023, until the end of 2025. The cut had been due to expire at the end of 2024.
The statement described phasing out other cuts on a monthly basis by September 2025.
Extending the cut keeps about 1.65 million barrels per day off the market for longer, supporting crude prices. Higher energy costs feed through to diesel, fertilizer and transport costs for feed producers.
cnn.comAnna CoobanJun 2, 2024
reuters.comAhmad Ghaddar, Alex Lawler, Maha DahanJun 2, 2024After 438 past bullish policy events, 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, 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.
Details the OPEC+ decision to extend some cuts into 2025 while phasing out others monthly through September 2025, the policy that markets repriced on June 3.
