◂ Event Timeline

Feb 2, 2023REPORTGlobal

OPEC Output Slides as Group Sticks With Deal to Balance Market

OPEC crude output fell by 60,000 barrels a day to 29.12 million barrels a day last month, with Saudi Arabia and Libya lower while other members modestly increased. The group continued to adhere to its accord to balance markets.

WHY IT MATTERS

Slightly lower OPEC supply supports crude prices modestly, which can firm energy-linked costs for biofuel feedstocks and freight.

AFFECTSCrude Oil (Brent)▲Crude Oil (WTI)▲

SOURCE
bloomberg.comGrant Smith, Julian LeeFeb 2, 2023

Price reaction & history

Crude Oil (Brent)▲bullishSO FAR1d -1.0%5d +2.9%20d +2.2%

After 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.

Jan 19, 2017IEA: OPEC output cuts under scrutiny as market tightens+1.6%
Dec 4, 2017OPEC oil output falls in November to lowest since May-0.6%
Aug 31, 2021OPEC+ Sees 2021 Oil Deficit, 2022 Surplus as Supply Revived - Bloomberg-0.4%
Jan 19, 2018IEA Sees Oil Markets Tightening as PDVSA Output+2.0%
Apr 10, 2019OPEC's oil output plunges as Saudis slash output+0.6%

Crude Oil (WTI)▲bullishSO FAR1d -0.6%5d +2.8%20d +2.3%

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.

Jan 19, 2017IEA: OPEC output cuts under scrutiny as market tightens+2.4%
Dec 4, 2017OPEC oil output falls in November to lowest since May-1.9%
Jan 19, 2018IEA Sees Oil Markets Tightening as PDVSA Output+2.5%
Apr 10, 2019OPEC's oil output plunges as Saudis slash output-0.0%
Nov 30, 2019OPEC November oil output slips before Aramco IPO, policy meeting+3.6%

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.

Crude Oil (Brent) BRENT · GP ▸

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Crude Oil (WTI) WTI · GP ▸

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