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OPEC+ agreed to raise its September 2022 oil output target by only 100,000 barrels per day, one of the smallest increases in its history. The increase is far below the roughly 650,000 bpd added in each of July and August.
Brent was little changed near $100 a barrel after the announcement.
The token increase, with only Saudi Arabia and the UAE able to add meaningful volumes, leaves the market tight and does little to ease crude costs. Diesel and fertilizer costs that feed into feed production stay elevated.
bloomberg.comSalma El WardanyAug 3, 2022After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), 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.
