Loading…
The OPEC+ Joint Ministerial Monitoring Committee ended its meeting with no recommendation on crude production beyond the decisions of the previous month. It did not discuss rising output from Libya or possible Iranian supply, and it stressed the need to accelerate market rebalancing and make up past compensation shortfalls.
With no change to policy, the existing quota framework stays in place and the market keeps its supply restraint. Excess output by some members is a risk to future supply, but it is not an immediate price driver.
argusmedia.comRowena Edwards, Nader Itayim, Ruxandra Iordache, Anastasia KrasinskayaFeb 3, 2021After 175 past neutral policy events, BRENT moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, WTI moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
