Arab News | Saudi Arabia extends 1 million bpd oil output cut through December

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.

• Oct 1, 2023Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December-9.8%
• Apr 1, 2019Saudi Arabia to Extend Deep Oil Output Cuts Into April+2.9%
• Aug 3, 2023Saudi Arabia extends 1 million barrel-per-day oil cut, may deepen it in future | Reuters+5.8%
• Mar 4, 2024Saudi Arabia and the UAE among Opec+ members extending oil output cuts | The National-1.2%
• Dec 1, 2023OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts | Euronews-9.9%

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.

• Oct 1, 2023Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December-8.8%
• Apr 1, 2019Saudi Arabia to Extend Deep Oil Output Cuts Into April+4.9%
• Aug 3, 2023Saudi Arabia extends 1 million barrel-per-day oil cut, may deepen it in future | Reuters+6.1%
• Mar 4, 2024Saudi Arabia and the UAE among Opec+ members extending oil output cuts | The National-2.4%
• Dec 1, 2023OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts | Euronews-8.8%

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.

• Oct 1, 2023Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December-12.7%
• Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg-2.4%
• Sep 5, 2023Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year+8.6%
• Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+8.6%
• Dec 1, 2017Oil near 2½-year highs after OPEC extends output cuts-0.0%