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The eight core OPEC+ producers agreed to raise their collective output ceiling by 137,000 b/d in November as they begin unwinding 1.65 million b/d of voluntary cuts. The group avoided committing to guidance beyond the coming month.
Gradual supply additions limit crude upside, keeping energy and freight costs contained for feed buyers.
argusmedia.comBachar Halabi, Nader Itayim, Aydin CalikMar 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.
