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A Reuters survey found OPEC output in March at 28.90 million bpd, down 70,000 bpd from February and more than 700,000 bpd below September. Angola and Iraq outages drove the decline, and output sits about 930,000 bpd below target because some producers lack capacity.
Lower actual OPEC output than quota implies tighter physical crude supply, a mild support for oil prices and related energy costs.
reuters.comAlex LawlerMar 31, 2023After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
