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OPEC+ agreed to cut output by two million barrels per day starting in November, the group's largest cut since 2020. The Saudi energy minister said the real cut would be about 1 to 1.1 million bpd.
The decision came ahead of EU embargoes on Russian energy.
A cut of this size tightens global crude supply just before winter demand peaks, supporting energy and freight costs for feed buyers. Higher oil prices also raise fertilizer and transport expenses across the feed chain.
aljazeera.comOct 6, 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.
After 90 past bullish policy events, ULSD / Diesel moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), and +0.1% 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.
