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OPEC+ is discussing whether to keep its voluntary oil cuts in place until the end of 2024, according to sources. The group currently cuts output by 5.86 million bpd, about 5.7% of global demand.
Keeping cuts in place through year-end removes supply from the market and supports crude prices, which affects feed-linked energy and biofuel costs.
reuters.comAhmad Ghaddar, Alex Lawler, Olesya AstakhovaMay 30, 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.
