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OPEC+ agreed to cut its October crude output by 100,000 barrels per day, reverting to August 2022 production levels. The decision follows a September increase and comes amid slowing global growth and possible returning Iranian supply.
The group will hold its next meeting on October 5 and may call a ministerial meeting at any time.
The cut supports crude prices, though the offsetting risk of a potential Iran nuclear deal limits the upside, which affects energy costs for feed producers.
thenationalnews.comSarmad KhanSep 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.
