Too early to debate more output cuts: OPEC head

After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.

• May 28, 2019OPEC+ Calls Time on Output Cuts — CEESA-9.0%
• Apr 27, 2021OPEC+ sticks to plan to ease oil output cuts from May 1 | Reuters+3.2%
• Jun 27, 2017OPEC in no rush on deeper oil output cut, to look at in July+9.9%
• Dec 1, 2020Oil slides as OPEC+ delays decision on output cuts+3.2%
• Apr 1, 2021OPEC+ decides to gradually curb output cuts as demand concerns persist-1.4%

After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.

• May 28, 2019OPEC+ Calls Time on Output Cuts — CEESA-8.9%
• Apr 27, 2021OPEC+ sticks to plan to ease oil output cuts from May 1 | Reuters+4.0%
• Jun 27, 2017OPEC in no rush on deeper oil output cut, to look at in July+7.1%
• Dec 1, 2020Oil slides as OPEC+ delays decision on output cuts+1.1%
• Apr 1, 2021OPEC+ decides to gradually curb output cuts as demand concerns persist+0.7%