Opec has more 'market power' as oil supply concerns return, Goldman Sachs says

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.

• Mar 29, 2018Oil prices gain on expectation of continued Opec supply curbs in 2018 | The National-2.0%
• Sep 23, 2017Opec and Russia say global oil glut halfway cleared | The National-0.4%
• May 25, 2017Supply concerns trigger oil price plunge after OPEC extension | Offshore Magazine-7.0%
• Jul 2, 2019Opec agrees to extend cuts for nine months amid demand concerns | The National-0.9%
• Nov 4, 2021Opec+ to increase output by 400,000 bpd despite US pressure for more oil supply | The National+1.5%

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.

• Mar 29, 2018Oil prices gain on expectation of continued Opec supply curbs in 2018 | The National-1.2%
• Sep 23, 2017Opec and Russia say global oil glut halfway cleared | The National+2.4%
• May 25, 2017Supply concerns trigger oil price plunge after OPEC extension | Offshore Magazine-5.4%
• Jul 2, 2019Opec agrees to extend cuts for nine months amid demand concerns | The National-2.2%
• Nov 4, 2021Opec+ to increase output by 400,000 bpd despite US pressure for more oil supply | The National+0.5%