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OPEC+ ministers kept oil output policy unchanged at the 53rd Joint Ministerial Monitoring Committee meeting held by videoconference on April 3. The group reviewed January and February 2024 production data, and Brent traded above $89 a barrel, its highest since late October 2023.
The unchanged policy keeps voluntary cuts of 2.2 million barrels per day in place through June, supporting crude prices. Higher oil costs add to energy and transport expenses across the feed supply chain.
arabnews.comApr 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.
