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An OPEC+ ministerial panel (JMMC) left its group output policy unchanged on August 4, 2023. The decision came after Saudi Arabia extended its 1 million bpd voluntary cut into September and Russia pledged a 300,000 bpd export cut for that month.
Oil prices had risen more than 14% in July and traded near $86 a barrel.
Saudi and Russian voluntary cuts keep supply tight, which supports crude prices and, through energy costs, freight and biofuel economics for feed inputs.
gulfnews.comReutersAug 4, 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.
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.
