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OPEC+ agreed to go ahead with its planned 400,000 barrels per day output increase for January, according to two OPEC+ sources. The decision kept the monthly hikes that began as the group unwinds its 2020 record cuts.
Traders had widely expected a pause because of the omicron-driven sell-off.
Adding 400,000 bpd to supply in January is a bearish signal for crude, but the decision was largely anticipated and the market reaction was muted. Crude moves feed through to diesel, biofuel and vegetable oil economics that affect feed ingredient prices.
reuters.comDec 2, 2021After 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.
After 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.
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.
