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OPEC+ unexpectedly agreed to cut its production targets by about 100,000 barrels per day from October, surprising analysts who expected no change. The decision comes amid a dispute between Russia and the West and concerns about recession and winter gas shortages in Europe.
It also reverses a small increase that had been made in response to US pressure.
An unexpected supply cut in a tight market supports crude prices, raising energy and transport costs that affect feed production and delivery.
cnbc.comSam MeredithSep 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.
