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OPEC+ nations plan to decide in early March whether to extend oil production cuts into the second quarter, according to delegates. Seven members pledged about 900,000 bpd of curbs this quarter, on top of Saudi Arabia's 1 million bpd reduction.
A likely extension of curbs into Q2 would keep supply tight and support crude prices, while the IEA warns of a surplus if the cuts are relaxed. The decision is a key driver of the crude price outlook.
worldoil.comNayla Razzouk, Grant Smith, Fiona MacDonald, BloombergFeb 5, 2024After 442 past bullish policy events, BRENT moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, WTI moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% 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.
