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Russia's government reported that OPEC+ will raise output by about 350,000 bpd in May and June and 441,000 bpd in July. Saudi Arabia will also add extra output, and the minister said surplus stocks have fallen to about 50 million barrels.
Scheduled increases in supply add to crude availability, which tends to lower crude and diesel prices. The minister's view that demand will grow by 5 to 5.5 million bpd limits how far prices may fall.
government.ruApr 1, 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.
