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OPEC crude production held roughly steady in October, rising by 30,000 barrels per day to 29.98 million bpd, according to a Bloomberg survey. The group had pledged a symbolic cut to stabilize market sentiment.
The flat output reflects limited change in supply.
Steady OPEC output means no new supply shock for crude, so energy costs are unlikely to move much from this data alone. The figure is a routine monthly survey.
bloomberg.comGrant Smith, Julian LeeNov 1, 2022After 41 past neutral report events, Crude Oil (Brent) moved a median -1.4% over 5 sessions (41% higher; middle half -4.0% to +1.9%), and +1.8% 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.
