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OPEC and its allies agreed to extend most of their oil output cuts into April, with small exemptions allowing Russia and Kazakhstan to raise output. Saudi Arabia said it would extend its 1 million bpd voluntary cut and decide later when to phase it out.
Continued withholding of about 7 million bpd keeps crude supply tight, which supports oil prices and raises costs for fuel, freight and fertilizer that feed producers pay.
reuters.comRania El GamalMar 4, 2021
worldoil.comSaket SundriaMar 5, 2021After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% 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.
