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OPEC+ delegates told Reuters the group is likely to keep its 2 million bpd output cut agreed last October through the end of 2023, even after a banking crisis sent crude prices sharply lower. The group's stance is unchanged despite the sell-off.
Holding the cuts limits supply growth and supports crude prices, which feed into diesel costs and vegetable oil and biofuel economics that influence soybean oil and feed fat values.
reuters.comAhmad Ghaddar, Maha Dahan, Alex LawlerMar 22, 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.
