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OPEC+ is set to meet on September 1 to decide whether to add 400,000 barrels per day in October, as part of a plan to restore 2 million bpd by year end. Kuwait's oil minister said the group could revise its output lower if needed.
Oil prices had risen more than 10% the previous week amid expected US output losses from Hurricane Ida.
The OPEC+ decision sets how much supply returns to the market, which will influence whether recent gains hold. Any output restraint would support energy prices and the cost of fuel and freight for feed.
thenationalnews.comJennifer GnanaAug 31, 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.
