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The OPEC and allied countries agreed to gradually add back about 2 million barrels per day of production from May to July. The group is restoring output that was cut last year when demand fell during the pandemic.
Returning supply to the market is bearish for crude prices, which influence energy and freight costs for feed buyers. The gradual pace limits the immediate price impact.
apnews.comDAVID McHUGHApr 1, 2021
alvareviewcourier.comDAVID MCHUGHMar 31, 2021
freightwaves.comJohn KingstonApr 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.
