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OPEC+ confirmed it will ease its output cuts from May 1 as previously agreed. The group has cut about 8 million bpd, including a 1 million bpd voluntary cut by Saudi Arabia, and the April 1 plan returns 2.1 million bpd to the market from May to July.
Higher OPEC+ supply weighs on crude prices, which feed into diesel, freight and fertilizer costs for feed producers. The increase is gradual and largely expected, so the price impact is modest.
reuters.comRania Gamal, Olesya Astakhova, Ahmad GhaddarApr 27, 2021After 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.
After 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.
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.
