Loading…
OPEC and allies including Russia agreed to widen crude production cuts to 3.66 million bpd, or 3.7% of global demand. Saudi Arabia said its voluntary cut of 1.66 million bpd on top of existing 2 million bpd cuts was a precautionary measure.
Prices rose by about $5 a barrel to above $85 after the announcement.
The explanation confirms that the cuts are intended to support prices and that the reduction is sustained through 2023. Higher crude prices raise energy and transport costs for feed manufacturers.
reuters.comApr 3, 2023After 442 past bullish policy events, BRENT moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, WTI moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 90 past bullish policy events, DIESEL moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), 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.
