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OPEC+ delegates told Reuters the group is likely to recommend keeping its current oil output policy unchanged at its Feb. 1 meeting.
The group agreed in October to cut its production target by 2 million bpd from November through end-2023.
An unchanged policy keeps the existing cut in place, leaving crude supply tight and supporting energy prices, which feed into diesel and fertilizer costs for feed producers.
reuters.comRowena Edwards, Alex Lawler, Maha DahanJan 30, 2023After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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.
