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OPEC recommended a 1.5 million barrel per day production cut through the second quarter, with 1 million bpd from OPEC and 0.5 million bpd from non-OPEC allies. The cut was conditional on Russia's approval, and the group set a review for June 9.
A cut of this size would tighten crude supply at a time when virus-driven demand losses were projected to be severe, supporting oil prices. Lower oil prices also feed through to biofuel economics and feedstock demand.
cnbc.comSam Meredith, Holly EllyattMar 5, 2020After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% 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.
