OPEC recommends 1.5 million bpd additional output cut

After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.

• Nov 12, 2018OPEC analysis shows need for a production cut of 1 million bpd-6.2%
• Nov 30, 2018OPEC Advisory Committee Said to Recommend Oil Production Cut - Bloomberg+0.1%
• Sep 23, 2018OPEC, non-OPEC panel unlikely to recommend further oil output hike:+3.4%
• May 1, 2020OPEC+ Moves To End Price War With 9.7 Million B/D Cut+23.8%
• Jun 6, 2020OPEC and allies agree to extend record production cut-8.3%

After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.

• Nov 12, 2018OPEC analysis shows need for a production cut of 1 million bpd-5.1%
• Nov 30, 2018OPEC Advisory Committee Said to Recommend Oil Production Cut - Bloomberg+0.1%
• Sep 23, 2018OPEC, non-OPEC panel unlikely to recommend further oil output hike:+4.9%
• May 1, 2020OPEC+ Moves To End Price War With 9.7 Million B/D Cut+24.9%
• Jun 6, 2020OPEC and allies agree to extend record production cut-7.2%