OPEC Says Supply Surplus Was Main Reason for Oil Production Cut

After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% over 20.

• Jun 8, 2026Opec+ raises July oil production quotas amid supply concerns | Malay Mail-6.1%
• Nov 30, 2023OPEC+ Production Cuts Fail to Convince Oil Traders Amid Lack of Detail - Bloomberg-11.0%
• Mar 16, 2023OPEC to wait for calmer financial markets before making oil production cut decision+4.9%
• Aug 3, 2022Oil Prices: OPEC+ Agrees to Raise Production Next Month at Much Slower Pace - Bloomberg-4.1%
• Jun 30, 2022OPEC+ Ratifies August Oil Production Increase, Leaving Next Move Unresolved - Bloomberg-6.3%

After 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.

• Jun 8, 2026Opec+ raises July oil production quotas amid supply concerns | Malay Mail-7.5%
• Nov 30, 2023OPEC+ Production Cuts Fail to Convince Oil Traders Amid Lack of Detail - Bloomberg-10.5%
• Mar 16, 2023OPEC to wait for calmer financial markets before making oil production cut decision+3.2%
• Aug 3, 2022Oil Prices: OPEC+ Agrees to Raise Production Next Month at Much Slower Pace - Bloomberg-3.4%
• Jun 30, 2022OPEC+ Ratifies August Oil Production Increase, Leaving Next Move Unresolved - Bloomberg-11.8%