OPEC+ holds firm on current oil production plan

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.

• Feb 1, 2023OPEC+ agrees to stick to current production scheme-2.2%
• Aug 8, 2023No plan to change current crude production output – OPEC – Businessday NG+0.7%
• Nov 30, 2016Oil Surges on OPEC Deal to Cut Production - WSJ+12.5%
• Dec 7, 2018OPEC and allies agree to cut oil production+2.2%
• Jul 1, 2019OPEC agrees to extend current production cuts by 9 months-1.4%

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.

• Feb 1, 2023OPEC+ agrees to stick to current production scheme-0.8%
• Aug 8, 2023No plan to change current crude production output – OPEC – Businessday NG+1.0%
• Nov 30, 2016Oil Surges on OPEC Deal to Cut Production - WSJ+16.7%
• Dec 7, 2018OPEC and allies agree to cut oil production+2.2%
• Jul 1, 2019OPEC agrees to extend current production cuts by 9 months-4.2%