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Saudi Arabia and Russia agreed to extend their voluntary oil production cuts of 1.3 million barrels per day through the end of 2023. The move removes crude from the global market and lifted energy prices.
The article reports the resulting price spike.
A 1.3 million barrel per day cut extension tightens global crude supply and raises fuel and transport costs for feed buyers. Higher energy prices can also lift biofuel and vegetable oil values.
apnews.comJon GambrellOct 1, 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.
After 90 past bullish policy events, ULSD / Diesel moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), and +0.1% 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.
