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OPEC and allies agreed to cut an extra 500,000 barrels a day from the global market in 2020 to support prices. The total target rises from 1.2 million to 1.7 million barrels a day below October 2018 production.
The decision follows three years of output restraint and fears of an economic slowdown.
A larger cut tightens crude supply, supporting energy costs that flow into diesel, fertilizer and freight used by feed producers.
theguardian.comJillian AmbroseDec 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.
