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The eight core OPEC+ members agreed to raise their collective crude production target by 548,000 b/d for August, faster than planned. The move follows a 12-day Israel-Iran conflict and continued economic uncertainty tied to US trade policy.
Faster supply restoration adds barrels to the market and tends to pressure crude and energy-linked costs lower.
argusmedia.comAydin Calik, Bachar Halabi, Nader ItayimMar 25, 2024After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% 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.
