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OPEC and its allies agreed to a further 400,000 barrels per day output increase for March, continuing their monthly pattern. Analysts noted that several members are struggling to deliver scheduled supply hikes due to under-investment and unrest in Nigeria and Libya.
The reported shortfalls are fueling fears of a supply gap.
Repeated failures to deliver promised barrels leave the market dependent on Gulf producers' spare capacity, supporting crude prices. Higher oil prices raise the cost of energy and transport inputs for feed manufacturers.
bloomberg.comSalma El WardanyFeb 2, 2022
worldoil.comSalma El Wardany, Grant Smith, Ben Bartenstein, Dina KhrennikovaFeb 2, 2022After 438 past bullish policy events, Crude Oil (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, Crude Oil (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.
