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OPEC+ sources said total global oil cuts are expected to exceed 20 million bpd, about 20% of global supply, effective May 1. The figure appeared in OPEC's draft statement but was removed from the final version.
A cut of this size would tighten crude supply sharply against collapsing pandemic demand, supporting oil prices and energy-linked feed input costs such as diesel and biofuel margins.
reuters.comKatya Golubkova, Rania El GamalApr 13, 2020After 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.
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.
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.
