Saudi Arabia extends 1 million barrel-per-day oil cut, may deepen it in future

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%
• Sep 5, 2023Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year+2.0%
• Sep 5, 2023Arab News | Saudi Arabia extends 1 million bpd oil output cut through December+2.0%
• Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg+4.3%
• Nov 30, 2023Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy-10.5%

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%
• Sep 5, 2023Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year+2.1%
• Sep 5, 2023Arab News | Saudi Arabia extends 1 million bpd oil output cut through December+2.1%
• Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg+4.8%
• Nov 30, 2023Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy-11.0%