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OPEC and allied countries raised production limits for five countries, including Saudi Arabia, Russia, Iraq, Kuwait and the UAE, to end a dispute. The UAE's limit was set below the 3.8 million barrels a day it reportedly sought.
The new limits take effect from May.
Higher quotas for major producers signal more crude supply from 2022, which weighs on oil prices. The resolved dispute also reduces the risk of a supply split within OPEC+.
apnews.comJon GambrellJul 18, 2021After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.
After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% 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.
