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OPEC+ may discuss extending its supply cuts beyond April 2022, according to two sources, after a technical panel warned of significant uncertainties and a possible glut next year. The panel expects an overhang of crude by the end of 2022, and cuts of 5.8 million barrels per day remain in place for July.
A possible extension of cuts would keep crude supply tight, supporting prices, while the panel's glut warning points to downside later. Buyers should watch the outcome of the next OPEC+ meeting for energy cost direction.
financialpost.comReutersJun 30, 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.
