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OPEC+ agreed to cut its October output by 100,000 barrels per day, the first group-wide curb since 2020. Saudi Arabia, the group's leader, said the alliance is willing to take preemptive action to manage global crude markets.
The move reverses the small September increase.
A signal of proactive supply management points to firmer crude prices, which supports energy and fuel costs for feed and grain logistics.
bloomberg.comGrant Smith, Salma El Wardany, Ben BartensteinSep 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.
