OPEC+ Sticks With Supply Cuts While Oil Nears $90 a Barrel

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.

• Oct 4, 2023Oil Supply: Saudis to Stick With 1 Million-Barrel A Day Cut - Bloomberg-3.7%
• Sep 4, 2022Oil Jumps Near $90 After OPEC+ Surprises With Token Supply Cut - Bloomberg+1.0%
• Feb 3, 2025OPEC+ Sticks to Oil Supply Plan Even as Trump Seeks Price Cut - Bloomberg-2.1%
• Nov 28, 2019OPEC+ Sends More Signals It’ll Stick With Current Oil Cuts - Bloomberg+0.5%
• Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg+4.8%

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.

• Oct 4, 2023Oil Supply: Saudis to Stick With 1 Million-Barrel A Day Cut - Bloomberg-3.8%
• Sep 4, 2022Oil Jumps Near $90 After OPEC+ Surprises With Token Supply Cut - Bloomberg-0.9%
• Feb 3, 2025OPEC+ Sticks to Oil Supply Plan Even as Trump Seeks Price Cut - Bloomberg-2.9%
• Nov 28, 2019OPEC+ Sends More Signals It’ll Stick With Current Oil Cuts - Bloomberg-0.7%
• Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg+4.3%

After 157 past policy events, ULSD / Diesel moved a median +0.4% over 5 sessions (53% higher; middle half -4.4% to +3.3%), and -0.7% over 20.

• Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg-2.4%
• Apr 2, 2023OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg+2.0%
• Jun 6, 2020OPEC, allied nations extend nearly 10M barrel cut by a month | AP News-2.0%
• Feb 28, 2024OPEC+ Extends Oil Cuts Amid Global Supply Crunch - Energy News Africa Plus-4.5%
• Nov 4, 2021OPEC+ sticks with 400,000 b/d oil output hike for December, despite US pleas+0.9%