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The 12th OPEC and non-OPEC Ministerial Meeting was held by videoconference on 3 December 2020. Participants reaffirmed their commitment to the Declaration of Cooperation and noted that renewed lockdowns continue to weigh on oil demand.
The meeting reaffirmed existing production policy rather than changing it, so it adds little new supply information. Its main effect is to confirm that cuts stay in place while demand is uncertain.
energyfocusreport.comDec 4, 2020After 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.
After 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.
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.
