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OPEC+ announced it will stick to its schedule of modest monthly output increases, adding 432,000 bpd for May after the 27th ministerial meeting. The group said the slightly larger increase reflects adjusted baseline production levels agreed last July.
The small increase does little to ease tight crude supply while Russia-Ukraine disruptions persist, supporting crude prices and the cost of oil-linked feed inputs like biofuel-driven soyoil and corn demand.
newsaf.cgtn.comCGTNApr 1, 2022After 438 past bullish policy events, WTI moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, BRENT moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% 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.
