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OPEC+ members Saudi Arabia, the UAE, Iraq, Kuwait, Oman and Algeria agreed to extend voluntary output cuts until the end of 2024. Saudi Arabia will add a 1 million bpd cut in July, and Russia will extend its 500,000 bpd cut through next year.
The alliance set a new production target of 40.46 million bpd.
Extended voluntary cuts reduce crude supply for 2024, which supports oil prices. Higher energy costs raise the cost of diesel, transport and fertiliser for feed makers.
thenationalnews.comJohn BennyJun 4, 2023After 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.
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.
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.
