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OPEC+ agreed total production curbs of about 2.2 million bpd from eight members at its November 30 meeting. The package includes an extension of Saudi Arabia's 1 million bpd voluntary cut and Russia's 300,000 bpd reduction, bringing total pledged cuts to roughly 5 million bpd.
Extended voluntary cuts tighten crude supply for the first quarter of 2024, which supports crude prices and raises the cost of diesel and fuel inputs for feed producers and transport.
reuters.comClyde RussellDec 1, 2023After 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.
