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Saudi Arabia and its OPEC+ allies are likely to keep oil production unchanged for three more months when ministers review output. The expected pause follows the earlier production cut strategy.
A likely unchanged output level means no new supply comes on the market, which supports crude prices and energy input costs.
reuters.comJohn KempMay 3, 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.
