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OPEC+ postponed its meeting from November 26 to November 30 amid reports that some African producers wanted revised 2024 quotas. The group agreed to extend production cuts through the first quarter of 2024, but oil prices fell below pre-meeting levels, with Brent near $78 per barrel.
The market's muted response to the cuts shows that demand concerns are offsetting supply restraint, so the price support for crude and energy inputs is limited.
bakerinstitute.orgMark FinleyDec 6, 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.
