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OPEC+ is working on a complex deal, to be agreed at its Sunday meeting, that would extend some deep oil production cuts into 2025. Sources say any 2025 extension will likely be conditional on new member capacity figures later in 2024.
A multi-year extension of cuts would keep crude supported and tighten energy markets, supporting biofuel and fertilizer input costs over the medium term.
reuters.comDmitry ZhdannikovMay 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.
