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Three OPEC+ delegates said the group is likely to keep its 2 million bpd output cut through year-end despite a price slump to 15-month lows. Russia will continue its separate 500,000 bpd cut until the end of June.
Maintaining supply restraint limits downside in crude prices, which supports energy costs and biofuel feedstock economics.
energynow.comMar 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.
