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OPEC President Gabriel Mbaga Obiang Lima told Al Jazeera the group is taking a wait-and-watch approach to output cuts amid market uncertainty. He stated OPEC does not control oil prices and aims to keep supply and demand stable ahead of the February 1 meeting.
A cautious stance on output keeps the supply cuts in place, which supports crude prices while demand from China is uncertain.
aljazeera.comFidelis MbahJan 31, 2023After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.
After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% 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.
