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OPEC and its non-OPEC allies, including Saudi Arabia and Russia, agreed at their first in-person meeting since 2020 to cut production by 2 million bpd from November. The decision came despite US pressure to pump more, and crude had fallen to about $80 a barrel from above $120 in June.
The cut reverses the group's earlier output policy and is expected to support crude prices amid recession fears. Higher energy costs raise the cost of diesel, fertilizer and transport for feed buyers.
cnbc.comSam MeredithOct 5, 2022After 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.
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.
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.
