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OPEC+ ended a brief meeting on October 4 without changing its oil production policy, hours after Saudi Arabia and Russia said they would keep their voluntary cuts through year end. The committee said it would stand ready to take additional measures at any time, and its next meeting is set for November 26.
No change to policy keeps crude supply restricted, which supports energy and transport costs for feed buyers. The next review in late November will determine whether the cuts are deepened or eased.
oilprice.comCharles KennedyOct 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.
