Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy

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.

• Sep 5, 2023Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year+2.1%
• Aug 3, 2023Saudi Arabia extends 1 million barrel-per-day oil cut, may deepen it in future | Reuters+6.1%
• Oct 1, 2023Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December-8.8%
• Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg+4.8%
• Jun 4, 2023Opec+ cuts oil output to 40.46 million barrels per day throughout 2024 | Khaleej Times-2.2%

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.

• Sep 5, 2023Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year+2.0%
• Aug 3, 2023Saudi Arabia extends 1 million barrel-per-day oil cut, may deepen it in future | Reuters+5.8%
• Oct 1, 2023Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December-9.8%
• Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg+4.3%
• Jun 4, 2023Opec+ cuts oil output to 40.46 million barrels per day throughout 2024 | Khaleej Times-1.7%