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OPEC+'s Joint Ministerial Monitoring Committee confirmed an additional combined cut of 1.66 million b/d running through the end of 2023. It urged participants to achieve full quota conformity and follow the compensation mechanism.
Brent futures rose more than 5% in early trading on April 3.
Confirmation of the cuts and the call for compliance reduces doubt about future supply, supporting crude prices. Stronger crude supports energy costs across the feed and transport chain.
spglobal.comRosemary GriffinApr 3, 2023After 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.
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.
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.
