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OPEC+ ministers kept the 2.2 million bpd cuts unchanged at a February 1 panel meeting, and sources said the extension will be decided in March. The article notes that Houthi attacks on Red Sea shipping are adding support for prices.
Unchanged policy with a pending March decision leaves open a supply tightening that would support crude prices. Geopolitical risk in the Red Sea adds further support.
energynow.comFeb 1, 2024After 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.
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.
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.
