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OPEC+ agreed additional production cuts after a slump in oil prices. Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman each committed to specific reductions, and Russia added a 500,000 bpd voluntary cut, with all cuts running from January 1 through the first quarter of 2024.
Country-level cut commitments totaling roughly 2 million bpd add real supply restraint for early 2024. That supports crude and the energy costs behind feed logistics.
ogj.comOGJ editorsNov 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.
