ANALYSIS: Saudi Arabia comes to the aid of OPEC+ but seeks goodwill in return

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.

• Jan 5, 2021Saudi Arabia to Cut Oil Production Sharply in Bid to Lift Prices - WSJ+8.9%
• Aug 1, 2023Saudi Arabia expected to extend voluntary oil cut for September, analysts say+0.6%
• Jun 29, 2019Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters-4.2%
• Sep 5, 2022OPEC+ Will Remain Proactive After Agreeing Production Cut, Saudi Arabia Says - Bloomberg-0.9%
• Mar 4, 2024Saudi Arabia and the UAE among Opec+ members extending oil output cuts | The National-1.2%

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.

• Jan 5, 2021Saudi Arabia to Cut Oil Production Sharply in Bid to Lift Prices - WSJ+9.8%
• Aug 1, 2023Saudi Arabia expected to extend voluntary oil cut for September, analysts say+0.2%
• Jun 29, 2019Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters-1.4%
• Sep 5, 2022OPEC+ Will Remain Proactive After Agreeing Production Cut, Saudi Arabia Says - Bloomberg+1.0%
• Mar 4, 2024Saudi Arabia and the UAE among Opec+ members extending oil output cuts | The National-2.4%