OPEC+ Production Cuts Losing Steam - Center on Global Energy Policy at Columbia University SIPA

After 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.

• Mar 14, 2023OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence-8.9%
• Jun 5, 2023OPEC Achieves Consensus on Production Levels for Market Stability at 35th Ministerial Meeting - African Energy Chamber-1.7%
• Oct 5, 2021OPEC+ maintains its production policy for November – EnergyScan+2.9%
• Nov 30, 2023Opec+ reaches deal to deepen voluntary production cuts amid global demand concerns | Upstream-10.5%
• Sep 5, 2022Oil: OPEC+ surprises energy markets with a small production cut-0.9%

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.

• Mar 14, 2023OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence-9.5%
• Jun 5, 2023OPEC Achieves Consensus on Production Levels for Market Stability at 35th Ministerial Meeting - African Energy Chamber-2.2%
• Nov 30, 2023Opec+ reaches deal to deepen voluntary production cuts amid global demand concerns | Upstream-11.0%
• Sep 5, 2022Oil: OPEC+ surprises energy markets with a small production cut+1.0%
• Apr 19, 2017OPEC secretary general says credibility is at stake over production deal-5.9%