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Saudi Energy Minister Prince Abdulaziz bin Salman said the latest Saudi and Russian oil cuts show unity between the two countries. Saudi Arabia extended a 1 million bpd cut into August and Russia announced a 500,000 bpd export reduction.
Coordinated cuts from the two largest producers support crude prices, though the statement itself adds little new supply tightening.
cnbc.comRuxandra IordacheJul 5, 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.
