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OPEC's Joint Ministerial Monitoring Committee decided on August 4, 2023 to keep crude production levels unchanged. The committee recognised Saudi Arabia's 1 million bpd voluntary cut, extended to September, and Russia's 300,000 bpd export reduction for September.
It asked members for full conformity and stood ready to take additional measures.
The status quo keeps supply restraint in place, supporting crude prices and the energy costs that feed into feed manufacturing and transport.
businessday.ngAbubakar IbrahimAug 8, 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.
