Loading…
Saudi Arabia has ordered Aramco to lower its oil production capacity target. The change affects projects without final investment decisions, including the 700,000 bpd Safaniya project.
A lower capacity ceiling reduces expected long-term supply growth from a major producer, which modestly supports crude prices over time.
reuters.comMaha El DahanJan 30, 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.
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.
