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OPEC+ agreed to cut oil production in what is described as the biggest reduction by the group and its allies. Several members are already pumping below quota, so they would meet the new limits without actually cutting output.
Many members already produce below quota, so the real supply reduction is smaller than the headline cut. The price support from the decision is therefore likely to be partial.
latimes.comSalma El Wardany, Grant Smith, Ben Bartenstein, Fiona MacDonaldOct 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.
