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The OPEC+ JMMC asked member countries to keep their current production quotas unchanged. The committee reported 102% conformity to output limits in August and urged countries that overproduced to compensate for the excess.
It also backed extending the compensation period to the end of the year.
Holding quotas steady keeps the supply cut in place, which supports crude prices. The direct effect on feed ingredients is limited.
nsenergybusiness.comBV SwagathSep 18, 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.
