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The OPEC+ Joint Ministerial Monitoring Committee proposed no changes to group oil output at its February 1 meeting. It noted high conformity among members and said OPEC+ will decide later whether to extend 2.2 million bpd of voluntary cuts expiring at the end of March.
No change to policy keeps the current cuts in place through March, which is supportive for crude. The pending decision on extension sets the next price catalyst.
businesstimes.com.sgFeb 1, 2024After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
