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OPEC and allied producers led by Saudi Arabia and Russia agreed to cut output by an extra 500,000 barrels per day in the first quarter of 2020. The combined cuts total 1.7 million bpd, about 1.7% of global supply, but the deal does not extend beyond March.
Deeper supply restraint tightens crude balances at a time of seasonal demand weakness, which supports crude prices and the cost of diesel and energy inputs for feed production.
web.archive.orgRania El GamalDec 5, 2019
reuters.comRania El Gamal, Alex LawlerDec 5, 2019reuters.comDec 6, 2019After 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.
