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Several OPEC+ countries agreed to voluntary cuts totaling 2.2 million barrels per day in the first quarter of 2024. Saudi Arabia will lead by extending its existing cut.
A 2.2 million bpd voluntary reduction is large enough to tighten supply in early 2024 and support crude prices. Higher energy costs pass through to feed transport and processing.
cnn.comAnna Cooban, Elisabeth BuchwaldNov 30, 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.
