Saudi Arabia and the UAE among Opec+ members extending oil output cuts

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.

• Dec 1, 2023OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts | Euronews-9.9%
• Jun 4, 2023Opec+ members agree to extend voluntary oil output cuts until end of 2024 | The National-1.7%
• Apr 1, 2019Saudi Arabia to Extend Deep Oil Output Cuts Into April+2.9%
• Apr 1, 2024OPEC+ members extend oil output cuts to second quarter+5.9%
• Apr 2, 2023Saudi Arabia, UAE and allies announce surprise oil production cuts | The National+7.4%

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.

• Dec 1, 2023OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts | Euronews-8.8%
• Jun 4, 2023Opec+ members agree to extend voluntary oil output cuts until end of 2024 | The National-2.2%
• Apr 1, 2019Saudi Arabia to Extend Deep Oil Output Cuts Into April+4.9%
• Apr 1, 2024OPEC+ members extend oil output cuts to second quarter+4.5%
• Apr 2, 2023Saudi Arabia, UAE and allies announce surprise oil production cuts | The National+5.4%