Saudi Arabia and Opec+ partner Russia extend oil supply cuts to August to prop up prices

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.

• Dec 1, 2023OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts | Euronews-9.9%
• Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+2.0%
• Mar 3, 2024Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June-1.2%
• Jul 3, 2023Saudi Arabia, Russia deepen oil cuts, sending prices higher+5.2%
• Dec 6, 2019OPEC: Saudi Arabia and Russia impose deeper oil production cuts+1.4%

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.

• Dec 1, 2023OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts | Euronews-8.8%
• Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+2.1%
• Mar 3, 2024Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June-2.4%
• Jul 3, 2023Saudi Arabia, Russia deepen oil cuts, sending prices higher+3.4%
• Dec 6, 2019OPEC: Saudi Arabia and Russia impose deeper oil production cuts+1.3%