Gulf OPEC, Iraq question whether to keep deep oil cuts into 2021: sources

After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% over 20.

• Jul 16, 2020OPEC+ to ease production cuts in August | Oil & Gas Journal+0.6%
• Jul 15, 2020OPEC and allies to ease cuts, allow more oil production | AP News+3.2%
• Jul 15, 2020OPEC agrees to ease oil output cut to 7.7 mbpd in Aug.+3.2%
• May 30, 2021Iran's possible return to oil markets likely to dominate Opec+ talks | The National+2.4%
• Sep 30, 2026More oil out of the Gulf translating to lower prices - FreightWaves+3.9%

After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.

• Jul 16, 2020OPEC+ to ease production cuts in August | Oil & Gas Journal+1.7%
• Jul 15, 2020OPEC and allies to ease cuts, allow more oil production | AP News+3.8%
• Jul 15, 2020OPEC agrees to ease oil output cut to 7.7 mbpd in Aug.+3.8%
• May 30, 2021Iran's possible return to oil markets likely to dominate Opec+ talks | The National+4.4%
• Sep 30, 2026More oil out of the Gulf translating to lower prices - FreightWaves+0.1%