Loading…
Abu Dhabi National Oil Company will cut crude supplies to term buyers by 25% in November across all four of its grades, as part of its OPEC+ commitment. The cut deepens from a 30% reduction for October.
The UAE had pumped above its OPEC+ quota in August.
A large term-supply cut from a major exporter tightens crude availability and supports prices. Higher crude feeds into diesel and fertilizer costs for feed producers.
energy.economictimes.indiatimes.comET EnergyWorldSep 16, 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.
