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OPEC+ moved to bring forward oil output increases ahead of a possible Biden visit to Saudi Arabia for a summit with Gulf leaders. Washington sought clarity on production plans, and the group will have limited spare capacity to lift output further by September when the current deal expires.
Accelerated OPEC+ supply additions and limited remaining spare capacity shape the crude outlook, which feeds into diesel, fertilizer and freight costs for feed producers. Tight spare capacity keeps upward pressure on energy-linked input prices.
reuters.comMaha El DahanJun 2, 2022After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% 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.
