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A Reuters survey found OPEC pumped 26.33 million bpd in January, down 410,000 bpd from December. The decline reflects new cuts and lower Libyan output, and Angola's exit from the group is excluded from the comparison.
Lower OPEC output tightens the crude market, which pushes up diesel and fertilizer costs and supports feed-related energy expenses.
reuters.comAlex LawlerJan 31, 2024After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
