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OPEC and non-OPEC ministers reached unanimous agreement on production levels at their 35th Ministerial Meeting in Vienna on June 4, 2023. The meeting, chaired by OPEC President Antonio Oburu Ondo, reaffirmed the Declaration of Cooperation and adjusted overall crude output levels for participating countries.
Agreed production adjustments under the Declaration of Cooperation tighten crude supply and support oil prices. Higher energy costs raise transport and processing expenses along the feed supply chain.
energychamber.orgJun 5, 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.
