OPEC+ Latest: Saudis Unveil Extra 1 Million Barrel Cut

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.

• Oct 4, 2023Oil Supply: Saudis to Stick With 1 Million-Barrel A Day Cut - Bloomberg-3.7%
• Apr 2, 2023OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg+5.4%
• Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg+4.8%
• Nov 30, 2023Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy-11.0%
• Sep 5, 2023Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year+2.1%

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.

• Oct 4, 2023Oil Supply: Saudis to Stick With 1 Million-Barrel A Day Cut - Bloomberg-3.8%
• Apr 2, 2023OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg+7.4%
• Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg+4.3%
• Nov 30, 2023Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy-10.5%
• Sep 5, 2023Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year+2.0%