OPEC+ agrees 9.7 mb/d crude oil production cut in May-June 2020

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.

• Feb 1, 2017Oil prices stabilise as Russia joins OPEC in production cut - Offshore Energy-1.9%
• Nov 30, 2020Opec agrees to extend existing oil production cuts: Abdelmadjid Attar+3.5%
• Jun 6, 2020OPEC and allies agree to extend record production cut-7.2%
• May 11, 2018Iranian Oil Squeeze Could Upset OPEC Agreement on Production Cuts+2.8%
• Nov 7, 2018Return to oil production cuts in 2019 cannot be ruled out - OPEC sources-8.3%

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.

• Feb 1, 2017Oil prices stabilise as Russia joins OPEC in production cut - Offshore Energy-1.1%
• Nov 30, 2020Opec agrees to extend existing oil production cuts: Abdelmadjid Attar+1.5%
• Jun 6, 2020OPEC and allies agree to extend record production cut-8.3%
• May 11, 2018Iranian Oil Squeeze Could Upset OPEC Agreement on Production Cuts+0.2%
• Nov 7, 2018Return to oil production cuts in 2019 cannot be ruled out - OPEC sources-10.5%