◂ Event Timeline

Jul 3, 2023POLICYGlobal

Saudi Arabia, Russia deepen oil cuts, sending prices higher

Saudi Arabia and Russia deepened oil supply cuts, which pushed crude prices higher. The cuts follow an output reduction in place since November that had previously failed to lift prices much.

WHY IT MATTERS

Deeper OPEC+ cuts tighten crude supply and raise energy and freight input costs for feed producers.

AFFECTSCrude Oil (WTI)▲Crude Oil (Brent)▲

SOURCE
reuters.comMaha El DahanJul 3, 2023

Price reaction & history

Crude Oil (WTI)▲bullishSO FAR1d -1.3%5d +3.4%20d +15.8%

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 6, 2019OPEC: Saudi Arabia and Russia impose deeper oil production cuts+1.3%
Feb 1, 2019Oil Prices Rise As Saudis Pledge Deeper Cuts-2.1%
Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+2.1%
Apr 1, 2019Saudi Arabia to Extend Deep Oil Output Cuts Into April+4.9%
Dec 1, 2023OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts | Euronews-8.8%

Crude Oil (Brent)▲bullishSO FAR1d -0.2%5d +5.2%20d +13.4%

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 6, 2019OPEC: Saudi Arabia and Russia impose deeper oil production cuts+1.4%
Feb 1, 2019Oil Prices Rise As Saudis Pledge Deeper Cuts-1.4%
Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+2.0%
Apr 1, 2019Saudi Arabia to Extend Deep Oil Output Cuts Into April+2.9%
Dec 1, 2023OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts | Euronews-9.9%

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 (WTI) WTI · GP ▸

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Crude Oil (Brent) BRENT · GP ▸

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