OPEC recommends 1.5 million bpd additional output cut

After 442 past bullish policy events, BRENT moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.

• Nov 30, 2016Saudis to cut oil output by 0.5 million bpd in OPEC deal: source+16.7%
• Nov 30, 2023Oil prices swing as OPEC+ agrees on additional output cuts-10.5%
• Sep 5, 2023Arab News | Saudi Arabia extends 1 million bpd oil output cut through December+2.0%
• Nov 30, 2023Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy-10.5%
• Feb 11, 2020OPEC+ agrees additional crude oil production cut, up to 1.7 mb/d | Enerdata+8.0%

After 438 past bullish policy events, WTI moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.

• Nov 30, 2016Saudis to cut oil output by 0.5 million bpd in OPEC deal: source+12.5%
• Nov 30, 2023Oil prices swing as OPEC+ agrees on additional output cuts-11.0%
• Sep 5, 2023Arab News | Saudi Arabia extends 1 million bpd oil output cut through December+2.1%
• Nov 30, 2023Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy-11.0%
• Feb 11, 2020OPEC+ agrees additional crude oil production cut, up to 1.7 mb/d | Enerdata+5.0%