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OPEC and non-member allies led by Russia agreed to add 400,000 barrels per day in March, in line with their monthly plan to restore cuts made during the 2020 pandemic. The alliance is keeping its gradual approach despite rising prices.
The decision keeps supply growth limited.
Limited supply additions amid strong demand support crude prices, which translate into higher energy and logistics costs for feed producers. Persistently high oil prices also add to inflation pressures.
apnews.comDavid MchughFeb 2, 2022After 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.
After 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.
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.
