Saudi Arabia Cuts Oil Production to Boost Prices

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.

• Apr 3, 2023Oil Prices Jump After Surprise OPEC Production Cut - The New York Times+5.4%
• Jun 6, 2020OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times-8.3%
• Jan 5, 2021Saudi Arabia to Cut Oil Production Sharply in Bid to Lift Prices - WSJ+9.8%
• Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+2.1%
• Oct 5, 2022OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times+3.3%

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.

• Apr 3, 2023Oil Prices Jump After Surprise OPEC Production Cut - The New York Times+7.4%
• Jun 6, 2020OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times-7.2%
• Jan 5, 2021Saudi Arabia to Cut Oil Production Sharply in Bid to Lift Prices - WSJ+8.9%
• Sep 5, 2023Saudi Arabia, Russia extend oil production cuts to end of year+2.0%
• Oct 5, 2022OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times+2.1%