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OPEC+ members agreed on November 30 to deeper voluntary supply cuts of almost 2.2 million bpd for the first quarter of 2024, including rollovers of Saudi and Russian cuts. Nigeria's quota was raised while Angola's was cut, and Angola said it would not follow its new quota.
Only about 900,000 bpd of the package is new supply restraint, but it is expected to erase the 1Q24 surplus, which supports crude prices and energy costs for feed supply chains.
think.ing.comWarren PattersonDec 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.
