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OPEC and allies including Russia are set to meet in Vienna on June 4 to decide output policy. The group had earlier agreed to raise production cuts to 3.66 million barrels per day, and the article explains reasons including weak global demand and banking concerns.
The upcoming June 4 OPEC+ decision could tighten or loosen crude supply, moving energy costs for feed production and transport.
energynow.comMay 31, 2023After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
