◂ Event Timeline

May 9, 2023POLICYGlobal

What is OPEC+ and how is it different from OPEC? - U.S. Energy Information Administration (EIA)

The EIA explains that OPEC+ grew from OPEC after a 2016 agreement with 10 other producers, including Russia. OPEC produced about 28.7 million b/d of crude in 2022, roughly 38% of world output.

WHY IT MATTERS

Understanding OPEC+ membership and its share of supply helps buyers judge how coordinated cuts can move crude prices.

AFFECTSCrude Oil (WTI)Crude Oil (Brent)ULSD / Diesel

SOURCE
eia.govMay 9, 2023

Price reaction & history

Crude Oil (WTI)no directional readSO FAR1d +0.8%5d -2.8%20d -1.9%

After 844 past policy events, Crude Oil (WTI) moved a median +0.6% over 5 sessions (56% higher; middle half -3.0% to +4.1%), and +1.4% over 20.

Dec 4, 2020OPEC holds it 12th Ministerial and non-OPEC Ministerial Meeting – Energy Focus Report+2.5%
Dec 3, 2020Here’s What OPEC And Its Allies Agreed Upon On Oil Production+0.5%
Mar 5, 2017Trump administration a wild card for ethanol industry-9.6%
Oct 6, 2022Why is OPEC+ cutting oil production and what’s next? | Explainer News | Al Jazeera-0.5%
Jul 18, 2021OPEC And Allied Nations Have Agreed To End A Dispute That Has Roiled Energy Prices : NPR+0.6%

Crude Oil (Brent)no directional readSO FAR1d +1.5%5d -1.4%20d -0.2%

After 833 past policy events, Crude Oil (Brent) moved a median +0.6% over 5 sessions (54% higher; middle half -3.3% to +3.7%), and +1.3% over 20.

Nov 30, 2016Tighter marine fuel sulfur limits will spark changes by both refiners and vessel operators - U.S. Energy Information Administration (EIA)+16.7%
Dec 14, 2018Coming changes in marine fuel sulfur limits will affect global oil markets - U.S. Energy Information Administration (EIA)-11.0%
May 24, 2024What is OPEC+ and how does it affect oil prices? | Reuters+0.3%
Dec 4, 2020OPEC holds it 12th Ministerial and non-OPEC Ministerial Meeting – Energy Focus Report+3.6%
Dec 3, 2020Here’s What OPEC And Its Allies Agreed Upon On Oil Production+1.7%

ULSD / Dieselno directional readSO FAR1d +0.7%5d +0.3%20d -0.1%

After 157 past policy events, ULSD / Diesel moved a median +0.4% over 5 sessions (53% higher; middle half -4.4% to +3.3%), and -0.7% over 20.

Nov 30, 2016Tighter marine fuel sulfur limits will spark changes by both refiners and vessel operators - U.S. Energy Information Administration (EIA)+10.8%
Dec 14, 2018Coming changes in marine fuel sulfur limits will affect global oil markets - U.S. Energy Information Administration (EIA)-6.7%
Oct 6, 2022Why is OPEC+ cutting oil production and what’s next? | Explainer News | Al Jazeera+7.8%
Jun 1, 2021OPEC to raise oil production in July, stays mum on what’s next+3.6%
Mar 7, 2019OPEC - The 6th OPEC and non-OPEC Ministerial... - Europétrole-1.1%

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.

Crude Oil (WTI) WTI · GP ▸

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Crude Oil (Brent) BRENT · GP ▸

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