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At an online meeting, OPEC+ kept its plan to gradually restore output and agreed to add 432,000 barrels per day in June. The increase restores cuts made in 2020 during the pandemic recession.
The increase is the planned monthly step rather than a new policy shift, so its price impact is small. Crude prices remain supported by the broader supply outlook.
apnews.comMay 5, 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.
