Loading…
OPEC+ agreed in mid-April to cut crude output by 9.7 million bpd, the largest cut ever and the first to include the US, ending a March price war. Cuts run through June, then taper to 7.8 million bpd from July and 5.8 million bpd from January 2021.
The historic cut removes a large share of global supply, providing firm support for crude and energy costs that affect feed logistics and fertilizer.
onepetro.orgMay 1, 2020After 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.
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.
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.
