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OPEC and allied nations agreed to raise production limits for five countries, ending a dispute sparked by the UAE's demand for higher output. Iraq, Kuwait, Russia, Saudi Arabia and the UAE will see their limits rise.
Saudi Energy Minister Prince Abdulaziz bin Salman said the members remain bonded despite differences.
Ending the dispute reduces the risk of an uncoordinated output surge that would have hit prices. Higher limits still add future supply, which is bearish for crude.
npr.orgThe Associated PressJul 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.
