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Iranian news agency Shana reported the key decisions of OPEC's 177th meeting in Vienna. OPEC agreed to raise its output cuts by 503,000 bpd effective January 1, 2020, bringing the total to 1.703 million bpd.
Iran, Venezuela and Libya remained exempt, and condensate was removed from non-OPEC production figures.
The higher cut total tightens supply in the first quarter, supporting crude prices, while the condensate change lowers reported Russian output and affects how the cut is measured.
en.mehrnews.comDec 6, 2019After 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.
