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OPEC+ will hold its December 4 meeting virtually, according to a source cited by Reuters. The source said this signals little likelihood of a policy change.
The group is also watching an EU ban on Russian seaborne crude imports and a G7 price cap set for December 5.
A likely unchanged OPEC+ policy leaves the current output cut in place, so crude supply is not expected to shift in the near term. Attention is on EU and G7 sanctions on Russian oil, which could alter supply flows.
brecorder.comReutersNov 30, 2022After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% 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.
