◂ Event Timeline

Feb 1, 2023POLICYGlobal

OPEC+ agrees to stick to current production scheme

OPEC+ agreed on February 1 to keep its current production policy at the 47th JMMC videoconference. The group will continue cutting 2 million barrels per day until the end of 2023, with the next ministerial meeting on April 3.

WHY IT MATTERS

Continued cuts keep crude supply tight, supporting oil prices and energy costs that feed into feed manufacturing and biofuel economics.

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

2 SOURCES
aa.com.trSibel MorrowFeb 1, 2023
middleeastmonitor.comMuhammad HusseinFeb 2, 2023

Price reaction & history

Crude Oil (WTI)▲bullishSO FAR1d -3.2%5d -2.2%20d -1.7%

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.

Jul 1, 2019OPEC agrees to extend current production cuts by 9 months-1.4%
Dec 7, 2018OPEC and allies agree to cut oil production+2.2%
Nov 30, 2023OPEC+ agrees to oil production cut | Oil & Gas Journal-11.0%
Dec 4, 2022OPEC+ agrees to maintain oil production targets-11.1%
Nov 4, 2021OPEC+ holds firm on current oil production plan+0.5%

Crude Oil (Brent)▲bullishSO FAR1d -2.1%5d -0.8%20d -0.5%

After 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.

Jul 1, 2019OPEC agrees to extend current production cuts by 9 months-4.2%
Dec 7, 2018OPEC and allies agree to cut oil production+2.2%
Nov 30, 2023OPEC+ agrees to oil production cut | Oil & Gas Journal-10.5%
Dec 4, 2022OPEC+ agrees to maintain oil production targets-11.4%
Nov 4, 2021OPEC+ holds firm on current oil production plan+1.5%

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 (WTI) WTI · GP ▸

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Crude Oil (Brent) BRENT · GP ▸

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