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Saudi Arabia plans a voluntary oil output cut of about 1 million barrels per day from July, its largest in years. The cut sits on top of a broader OPEC+ deal to limit supply into 2024.
A deeper Saudi cut tightens crude supply, raising energy and freight costs across feed supply chains and supporting diesel prices.
reuters.comStephanie KellyJun 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.
