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Saudi Arabia, Kuwait and the UAE said they would not continue their extra voluntary oil output cuts of 1.18 million bpd beyond June, after OPEC+ agreed to extend broader curbs through July. Brent and WTI fell about 3% on the announcement.
Removing voluntary cuts raises expected Gulf crude supply, which weighs on energy prices and can reduce diesel and fertilizer costs for feed producers, though the broader OPEC+ curbs limit the downside.
aljazeera.comReutersJun 8, 2020After 255 past bearish geopolitics events, Crude Oil (WTI) moved a median -2.4% over 5 sessions (31% higher; middle half -7.0% to +1.7%), and -5.0% over 20.
After 250 past bearish geopolitics events, Crude Oil (Brent) moved a median -3.1% over 5 sessions (36% higher; middle half -7.9% to +1.6%), and -5.5% 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.
