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OPEC+ is expected to recommend keeping oil production unchanged at its February 1 JMMC meeting, according to delegates. The group's 2 million bpd target cut from November is estimated to have reduced actual output by only about 1 million bpd, and Chinese demand and Russian supply remain uncertain.
Expected stable OPEC+ output amid a China demand rebound points to firm crude prices, raising energy and transport costs for feed buyers.
oilprice.comMichael KernJan 24, 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.
