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The 21st Joint Ministerial Monitoring Committee met by videoconference on August 19 and reviewed July production data and the monthly technical report. It reiterated that full conformity with the Declaration of Cooperation is needed for market stability.
A firm commitment to conformity supports crude prices, but the statement itself adds little new supply action beyond what was already agreed.
petroleumafrica.comadminAug 20, 2020After 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.
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.
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.
