◂ Event Timeline

Jul 14, 2023POLICYGlobal

OPEC+ monitoring committee to meet Aug 3 to review oil output cuts: delegates

The OPEC+ Joint Ministerial Monitoring Committee will meet virtually on August 3 to assess the impact of production cuts. The group has implemented about 4.7 million b/d of cuts since October, and Dated Brent was near $80 a barrel.

WHY IT MATTERS

The committee can recommend policy changes or call emergency meetings, so its review signals possible changes to supply that could move crude prices.

AFFECTSCrude Oil (Brent)◆

SOURCE
spglobal.comHerman WangJul 14, 2023

Price reaction & history

Crude Oil (Brent)◆neutralSO FAR1d -1.8%5d -2.1%20d +6.9%

After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.

Feb 2, 2021OPEC+ calm ahead of committee meeting as oil prices rise, but tough decisions loom | S&P Global+7.1%
Feb 1, 2023OPEC+ committee recommends no change in oil output policy at virtual meeting-0.8%
Jan 29, 2025Kazakhstan to decide on oil output cuts after OPEC+ meeting | Reuters-1.7%
Oct 19, 2020Oil ends lower even as OPEC+ committee reiterates output-cut pledge - MarketWatch-2.1%
Feb 1, 2024Opec+ committee meeting keeps oil output policy unchanged - The Business Times-2.6%

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.

Crude Oil (Brent) BRENT · GP ▸

——— · ·

Loading…