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OPEC output fell by 710,000 barrels per day in November to 29.01 million bpd, according to a Reuters survey. The drop follows the group's pledged cut, with OPEC+ targeting a 2 million bpd reduction in total output, of which about 1.27 million bpd was meant to come from the 10 participating OPEC countries.
Lower OPEC supply tightens the crude market, which supports energy costs and can feed through to diesel and fertilizer prices for feed producers. The effect is modest because the survey reflects an output shortfall that was already expected.
reuters.comAlex LawlerNov 30, 2022After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% 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.
