Opec+ cuts oil output to 40.46 million barrels per day throughout 2024

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 7, 2018OPEC gets Iran green light to cut oil output by 0.8 million barrels per day: source+2.2%
• Nov 30, 2016OPEC reaches agreement to cut oil production to 32.5 million barrels a day: Oil ministers+12.5%
• Nov 30, 2023Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy-11.0%
• Dec 6, 2019OPEC, allies to lower oil output 500,000 barrels more+1.3%
• Dec 27, 2016Venezuela Aims to Cut 95,000 Barrels Per Day of Crude Output in OPEC Deal+0.0%

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 7, 2018OPEC gets Iran green light to cut oil output by 0.8 million barrels per day: source+2.2%
• Nov 30, 2016OPEC reaches agreement to cut oil production to 32.5 million barrels a day: Oil ministers+16.7%
• Nov 30, 2023Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy-10.5%
• Dec 6, 2019OPEC, allies to lower oil output 500,000 barrels more+1.4%
• Dec 27, 2016Venezuela Aims to Cut 95,000 Barrels Per Day of Crude Output in OPEC Deal+1.3%