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A notice describes the 22nd OPEC and non-OPEC Ministerial Meeting, held by videoconference, which reaffirmed the Declaration of Cooperation and the production adjustment plan. The meeting approved an upward adjustment of 0.4 mb/d for December 2021 and scheduled the 23rd meeting for 2 December.
It also emphasized compliance and compensation for past overproduction.
A planned upward monthly adjustment signals gradual supply growth, which limits crude price gains. The outcome is largely routine and expected by the market.
euro-petrole.comEuropétroleMay 11, 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.
