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The 20th OPEC and non-OPEC Ministerial Meeting, held by videoconference, reaffirmed earlier production decisions and approved a monthly upward adjustment of 0.4 mb/d for October 2021. It also extended the compensation period for underperforming countries to the end of December 2021 and reported overall conformity of 110% in July.
A planned increase in OPEC+ output adds supply to a market that has been tightening, which tends to pressure crude prices lower. Stronger compliance and compensation requirements limit how much extra supply actually reaches the market.
euro-petrole.comEuropétroleFeb 9, 2021After 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.
After 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.
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.
