Loading…
OPEC+'s Joint Ministerial Monitoring Committee agreed to extend the period for compensating overproduction until the end of December. Saudi Arabia's energy minister also said OPEC+ could hold an extraordinary meeting in October if the market worsened.
Crude edged higher on the report, with WTI up 1.6% at $40.80.
Extended compensation keeps supply constrained into year-end, which supports crude and the energy costs behind diesel and fertilizer. The effect on feed prices is indirect.
octaafrica.netSep 17, 2020After 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.
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.
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.
