OPEC, allied nations extend nearly 10M barrel cut by a month

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.

• Jul 1, 2019OPEC agrees to extend current production cuts by 9 months-1.4%
• Nov 30, 2023Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy-11.0%
• Jul 2, 2019Opec agrees to extend cuts for nine months amid demand concerns | The National-2.2%
• May 25, 2017The Latest: OPEC, other nations extend output cut to March | BOE Report-5.4%
• Jul 1, 2020Opec and allies extend oil production cuts to end of July+4.2%

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.

• Jul 1, 2019OPEC agrees to extend current production cuts by 9 months-4.2%
• Nov 30, 2023Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy-10.5%
• Jul 2, 2019Opec agrees to extend cuts for nine months amid demand concerns | The National-0.9%
• May 25, 2017The Latest: OPEC, other nations extend output cut to March | BOE Report-7.0%
• Jul 1, 2020Opec and allies extend oil production cuts to end of July+4.3%

After 90 past bullish policy events, ULSD / Diesel moved a median +1.4% over 5 sessions (66% higher; middle half -1.9% to +4.1%), and +0.1% over 20.

• Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg-2.4%
• Dec 1, 2017Oil near 2½-year highs after OPEC extends output cuts-0.0%
• Oct 30, 2017US crude rises 0.5% to settle at $54.15 a barrel on expected output cut extension+1.0%
• Apr 2, 2023OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg+2.0%
• Sep 5, 2023Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year+8.6%