OPEC+ leaders push to maintain production cuts as oil recovery slows

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.

• Dec 4, 2022OPEC+ agrees to maintain oil production targets-11.4%
• Sep 17, 2020Oil reverses losses to gain 2% as OPEC urges compliance with production cuts-0.7%
• Nov 30, 2023OPEC+ agrees to oil production cut | Oil & Gas Journal-10.5%
• Dec 7, 2018OPEC and allies agree to cut oil production+2.2%
• Oct 15, 2022OAPEC Sec Gen says OPEC+ decision to cut oil production 'correct' | Reuters+0.8%

After 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.

• Dec 4, 2022OPEC+ agrees to maintain oil production targets-11.1%
• Sep 17, 2020Oil reverses losses to gain 2% as OPEC urges compliance with production cuts-0.6%
• Nov 30, 2023OPEC+ agrees to oil production cut | Oil & Gas Journal-11.0%
• Dec 7, 2018OPEC and allies agree to cut oil production+2.2%
• Oct 15, 2022OAPEC Sec Gen says OPEC+ decision to cut oil production 'correct' | Reuters-0.7%