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OPEC+ kept its current output policy after an oil price rally, with its monitoring committee saying it stands ready to take additional measures at any time. Saudi Arabia will maintain its 1 million bpd cut until December, and Russia will roll over its 300,000 bpd export cut through 2023.
Holding the existing cuts keeps global crude supply constrained into the fourth quarter, which supports diesel and fuel costs. Analysts expect a tighter market, though the group's willingness to act further adds upside risk.
thenationalnews.comJohn BennyOct 4, 2023After 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.
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.
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.
