OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut

After 442 past bullish policy events, BRENT moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.

• Mar 4, 2021OPEC+ extends most oil output cuts into April, Saudi keeps voluntary curb+5.2%
• Mar 1, 2017Oil rises as Opec sticks to output pledges, rising US production cap gains+1.5%
• Apr 3, 2023Opec+ agrees to stick to oil output targets as members pledge voluntary cuts | The National+7.4%
• Oct 4, 2023Opec+ sticks to current output policy after oil price rally | The National-3.8%
• Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+2.0%

After 438 past bullish policy events, WTI moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.

• Mar 4, 2021OPEC+ extends most oil output cuts into April, Saudi keeps voluntary curb+5.1%
• Mar 1, 2017Oil rises as Opec sticks to output pledges, rising US production cap gains-2.2%
• Apr 3, 2023Opec+ agrees to stick to oil output targets as members pledge voluntary cuts | The National+5.4%
• Oct 4, 2023Opec+ sticks to current output policy after oil price rally | The National-3.7%
• Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+2.1%