Opec+ reaches deal to deepen voluntary production cuts amid global demand concerns

After 438 past bullish policy events, WTI moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.

• Jul 2, 2019Opec agrees to extend cuts for nine months amid demand concerns | The National-2.2%
• Jun 6, 2020OPEC and its allies reach deal to cut oil production through July | CNN Business-8.3%
• Jan 18, 2019OPEC reveals new voluntary production adjustments [TABLE]+2.1%
• Oct 5, 2022Oil: OPEC+ imposes deep production cuts in a bid to shore up prices+3.3%
• Nov 30, 2016Oil Surges on OPEC Deal to Cut Production - WSJ+12.5%

After 442 past bullish policy events, BRENT moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.

• Jul 2, 2019Opec agrees to extend cuts for nine months amid demand concerns | The National-0.9%
• Jun 6, 2020OPEC and its allies reach deal to cut oil production through July | CNN Business-7.2%
• Jan 18, 2019OPEC reveals new voluntary production adjustments [TABLE]+1.0%
• Oct 5, 2022Oil: OPEC+ imposes deep production cuts in a bid to shore up prices+2.1%
• Nov 30, 2016Oil Surges on OPEC Deal to Cut Production - WSJ+16.7%