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Russian President Putin and Saudi Crown Prince Mohammed bin Salman discussed OPEC+ cooperation to maintain oil price stability, according to the Kremlin. Delegates told Reuters the panel was likely to keep the current output policy.
Coordination between Russia and Saudi Arabia reinforces expectations of steady OPEC+ supply, which limits downside for crude and energy costs.
reuters.comJan 30, 2023After 656 past bullish geopolitics events, 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, 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.
