Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June

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.

• Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+2.0%
• Oct 4, 2023Saudi Arabia, Russia to continue voluntary oil cuts | Reuters-3.8%
• Jul 4, 2023Saudi Arabia and Opec+ partner Russia extend oil supply cuts to August to prop up prices | South China Morning Post+4.3%
• Dec 6, 2019OPEC: Saudi Arabia and Russia impose deeper oil production cuts+1.4%
• Dec 1, 2023OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts | Euronews-9.9%

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.

• Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+2.1%
• Oct 4, 2023Saudi Arabia, Russia to continue voluntary oil cuts | Reuters-3.7%
• Jul 4, 2023Saudi Arabia and Opec+ partner Russia extend oil supply cuts to August to prop up prices | South China Morning Post+7.3%
• Dec 6, 2019OPEC: Saudi Arabia and Russia impose deeper oil production cuts+1.3%
• Dec 1, 2023OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts | Euronews-8.8%