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OPEC+ said on April 3 that it would keep its current oil production cut policy unchanged. The group noted high compliance from members and welcomed commitments from Iraq and Kazakhstan, and the next meeting is set for June 1.
Maintaining the cuts supports crude prices by keeping supply restrained through the second quarter. Energy costs tied to crude affect biofuel margins and farm input costs.
middleeastmonitor.comMuhammad HusseinApr 4, 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.
