
The OPEC+ Joint Ministerial Monitoring Committee reviewed crude output data for November and December 2023 and noted high conformity by members. The next committee meeting is scheduled for April 3, 2024, and no change to production plans was reviewed.
With no change to output plans and high compliance, existing cuts stay in place, which is mildly supportive for crude. The next meeting in April will be the next catalyst.
After 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.