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OPEC members agreed on the need to extend existing production cuts of 7.7 million bpd for three months into the end of March 2021, according to Algeria's energy minister. They will now seek support from wider OPEC+ allies.
Extending cuts removes the planned 2 million bpd increase, tightening supply and supporting crude prices, which tends to lift vegetable oil and biofuel-linked values.
telegraphindia.comNov 30, 2020After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% 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.
