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OPEC+ agreed a small supply cut of 100,000 barrels per day for October, which is only a small fraction of its 43.8 million bpd production goals. The decision caught several analysts off guard, who had expected no change, and oil prices jumped after the announcement.
The cut signals OPEC+ willingness to act pre-emptively to support crude prices, which tends to lift energy costs for feed producers and supports competing energy-linked feedstocks.
apnews.comDavid MchughSep 5, 2022After 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 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.
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.
