◂ Event Timeline

May 6, 2022POLICYGlobal

Amid sliding capacity, OPEC raises Nigeria's quota to 1.77m bpd

OPEC and its allies, including Russia and Kuwait, agreed to hold June crude output at a scheduled 432,000 barrels per day. The agreement raises Nigeria's production cap by 1.1 percent.

WHY IT MATTERS

Higher quotas add crude supply to the market, which can ease energy prices and reduce biofuel and fertilizer input costs over time.

AFFECTSCrude Oil (Brent)▼

SOURCE
businessday.ngChioma OnuhMay 6, 2022

Price reaction & history

Crude Oil (Brent)▼bearishSO FAR1d +1.5%5d -3.4%20d +7.5%

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.

Mar 9, 2018Opec+ likely to raise July oil output by 188,000 bpd+1.0%
Mar 14, 2017Saudi Arabia tells Opec it raised output to 10 million bpd in February | The National+0.8%
Jun 23, 2018OPEC deal to raise oil production will 'rein in prices' - Algerian PM+5.1%
Jul 19, 2021U.S. oil drops 8% to below $70 amid OPEC production boost and Covid fears+0.6%
Mar 27, 2017OPEC, non-OPEC to look at extending oil-output cut by six months+4.2%

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.

Crude Oil (Brent) BRENT · GP ▸

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