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The 15th OPEC and non-OPEC Ministerial Meeting, held by videoconference, approved production level adjustments for May, June and July 2021. The ministers kept Saudi Arabia's additional voluntary 1 mb/d cut in place for April and maintained the monthly review mechanism, with each adjustment capped at 0.5 mb/d.
Approved monthly increases in OPEC+ output add supply to the market, which tends to weigh on crude prices. The capped monthly adjustments give a predictable path for supply growth.
euro-petrole.comEuropétroleFeb 4, 2021After 210 past bearish policy events, 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, 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.
