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Libya's NOC chairman joined the 13th OPEC and non-OPEC Ministerial Meeting held by videoconference on January 4-5, 2021. Members kept most production rates unchanged through March 2021, and Saudi Arabia separately pledged an extra cut of up to 1 million barrels per day in February and March.
The next ministerial meeting was set for early March.
Holding most quotas flat while Saudi Arabia cuts further tightens near-term crude supply during a demand slump, which supports oil prices. Energy-linked costs such as diesel and freight may also firm.
noc.lyJan 6, 2021After 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.
After 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.
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.
