Loading…
The OPEC+ core group agreed to raise its crude production target by 188,000 b/d in August, the fifth increase since the US-Iran war began. Output is being restored after Hormuz disruptions, with a further meeting scheduled for August 2.
Rising OPEC+ output adds crude supply and is likely to pressure oil prices lower, reducing energy and freight costs over time.
argusmedia.comAydin CalikMar 25, 2024After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.
After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% 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.
