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Saudi Energy Minister Prince Abdulaziz bin Salman told Energy Intelligence that OPEC+ will keep the production cuts agreed in October in place until year-end. He cited uncertainty in the global economy as the reason for the cautious approach.
A firm commitment to sustained cuts tightens expected crude supply, supporting energy prices that influence biofuel margins and feed input costs.
reuters.comMaha El DahanMar 14, 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.
