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Market analysts expressed skepticism about the effectiveness of additional OPEC+ oil output cuts that take effect in January. The doubt centers on the voluntary nature of the curbs and related uncertainty about how far they will support crude prices.
Uncertainty over whether OPEC+ cuts will hold leaves crude prices without a clear direction, which affects energy costs for feed production and transport. The commentary signals limited near-term support for oil.
bloomberg.comYongchang Chin, Sharon ChoDec 1, 2023After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% 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.
