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OPEC+ agreed to ease its production cuts by 400,000 bpd for December, ignoring calls from the US and other big consumers to add more. The meeting did not address output shortfalls in Nigeria and Angola, which have struggled to meet their quotas.
Underperformance by African members means actual supply growth is smaller than the headline increase, which keeps crude tight and supports energy costs for feed producers.
oilprice.comTsvetana ParaskovaNov 4, 2021After 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.
