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Saudi Energy Minister Prince Abdulaziz bin Salman told Energy Intelligence that the only sensible course for OPEC+ is to stick to the October production pact because of uncertainty in the global economy. He emphasized limited clarity on the oil market outlook.
Commitment to existing cuts keeps supply tight and supports crude, which affects diesel and biofuel feedstock costs that feed into soybean oil and meal pricing.
energyintel.comAuthors Amena Bakr, Riyadh Alex Schindelar, Riyadh Editor David PikeMar 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.
