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OPEC+ is signaling no change to oil output at its upcoming meeting, with Saudi Arabia calling for steady supply through 2023. Delegates and a Bloomberg poll of traders both expected no change despite banking turmoil and Russia sanctions.
Expected steady supply keeps crude prices supported and reduces the risk of a supply shock, which affects energy-linked input costs for feed producers.
energynow.comMar 1, 2023After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
