Saudi Arabia, Russia to continue voluntary oil cuts

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, Russia extend oil production cuts to end of year+2.1%
• Jun 29, 2019Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters-1.4%
• Mar 3, 2024Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June-2.4%
• Aug 1, 2023Saudi Arabia expected to extend voluntary oil cut for September, analysts say+0.2%
• Jul 3, 2023Saudi Arabia, Russia deepen oil cuts, sending prices higher+3.4%

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, Russia extend oil production cuts to end of year+2.0%
• Jun 29, 2019Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters-4.2%
• Mar 3, 2024Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June-1.2%
• Aug 1, 2023Saudi Arabia expected to extend voluntary oil cut for September, analysts say+0.6%
• Jul 3, 2023Saudi Arabia, Russia deepen oil cuts, sending prices higher+5.2%