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Iran's oil minister said the OPEC+ cut would likely continue at the December 5 meeting and that the group would also consider output levels after March 2020. He said OPEC would cut the volume it puts up for sale.
The statement is an official expectation ahead of the meeting.
Expectation of continued cuts supports crude prices and limits supply growth into 2020. Energy-linked costs for feed and biofuel feedstocks would be affected if the cuts are extended.
report.azAydan TopchibashevaNov 4, 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.
