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OPEC+ producers and allies agreed a record deal to cut global output by about 10% after pandemic lockdowns slashed demand. The deal was agreed by video conference, with 9.7 million bpd to be cut, and Brent and WTI rose over 3% and 6% in early Asian trade.
The record cut and G20 backing tighten crude supply, lifting energy prices and supporting biofuel feedstock values for soybean oil and corn ethanol margins.
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.
After 110 past bullish geopolitics events, Soybean Oil moved a median +1.8% over 5 sessions (65% higher; middle half -0.7% to +3.6%), and -0.4% 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.
