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OPEC+ kept its crude production policy unchanged on April 3 after the producers extended voluntary cutbacks until June. Russia said it is in full compliance and will focus on reducing output rather than exports in the second quarter, while Iraq, the UAE and Gabon were flagged for pumping above quotas.
Continued compliance concerns and ongoing cuts keep the crude market tight, which supports energy prices. Higher crude costs feed into diesel, fertilizer and biofuel inputs for feed producers.
db.forbesmiddleeast.comJoyce Abaño, Syed Saadain Gardazi, Samra Ahmed, Ola NoureldinApr 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.
