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OPEC's Joint Technical Committee recommended extending voluntary production adjustments under the Declaration of Cooperation until the end of 2020. It also recommended a further adjustment through the end of Q2 2020, citing coronavirus damage to oil demand.
The OPEC conference president said he would pursue consensus among members.
A recommended extension through 2020 and a Q2 deepening would tighten crude supply, supporting fuel and biofuel-linked feed input costs, though final approval is still pending.
energynewsafrica.comMichael Creg AffulFeb 16, 2020After 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.
After 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.
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.
