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OPEC+ members agreed to keep existing output targets after several members, including Saudi Arabia, the UAE and Russia, pledged voluntary cuts of 1.66 million bpd for the rest of 2023. The group said it will review market conditions and meet again on June 4.
The cuts follow a 2 million bpd reduction announced in October 2022.
The agreement to hold quotas and add voluntary cuts signals a managed supply reduction that supports crude prices. Sustained higher crude costs raise energy and logistics expenses for feed producers.
thenationalnews.comSarmad KhanApr 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.
