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OPEC and its allies raised crude output by 470,000 barrels per day in September, but production remains well below target as many members struggle to meet quotas. Compliance stood at 111.5%, with Russia and Iraq overproducing.
Output lagging quotas keeps global crude supply tight, supporting oil prices and the energy-linked costs of fertilizer and transport for feed.
spglobal.comOct 11, 2021After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), 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.
