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OPEC and Russia agreed to raise output by 500,000 bpd from January, cutting the group's total curbs to 7.2 million bpd from 7.7 million. They failed to agree on a broader policy for the rest of 2021, and the group will meet monthly to set output.
The increase is modest, so supply stays tightly managed while demand recovers from the second COVID-19 wave. Energy prices are likely to remain supported, but monthly decisions add volatility to fuel and input costs.
dawn.comReutersDec 4, 2020
marketwatch.comMyra P. SaefongDec 3, 2020After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% over 20.
After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% 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.
