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OPEC+ agreed to raise its targeted production by 100,000 barrels per day for September. The group's decision follows a request from US President Biden to boost output after Russia's invasion of Ukraine.
Many members, including Russia, have lagged on quotas, and only Saudi Arabia and the UAE have substantial spare capacity.
The increase equals about 0.1% of global demand, so the price impact is small. The limited spare capacity keeps crude prices supported despite the announced increase.
energyreviewmena.comLinJul 18, 2022After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% 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.
