◂ Event Timeline

Oct 10, 2019POLICYGlobal

Arab News | Deeper oil supply cut ‘an option,’ says OPEC chief

Arab News, citing Reuters, reports OPEC's secretary-general said a deeper oil supply cut is an option for the December 5-6 Vienna meeting. Brent was near $58 a barrel, and the group's forecasts pointed to slower 2020 demand growth.

WHY IT MATTERS

A possible deeper OPEC+ cut would support crude prices, which raise diesel and energy costs for feed producers.

AFFECTSBRENT▲WTI▲

SOURCE
arabnews.comReutersOct 10, 2019

Price reaction & history

BRENT▲bullishSO FAR1d +0.1%5d +0.6%20d +4.9%

After 442 past bullish policy events, BRENT moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.

Oct 10, 2019OPEC chief says deeper oil cut an option amid weaker 2020 outlook | OPEC | Al Jazeera+0.6%
Jun 28, 2019Arab News | OPEC ‘set to roll over supply deal, discuss deeper oil curbs’-4.4%
Dec 1, 2023Deeper OPEC+ supply cuts | articles | ING THINK-9.9%
Dec 6, 2019OPEC: Saudi Arabia and Russia impose deeper oil production cuts+1.4%
Mar 1, 2017Oil prices rise as OPEC production cut trims supply | Globalnews.ca+1.5%

WTI▲bullishSO FAR1d +1.8%5d +1.5%20d +6.8%

After 438 past bullish policy events, WTI moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.

Oct 10, 2019OPEC chief says deeper oil cut an option amid weaker 2020 outlook | OPEC | Al Jazeera+1.5%
Jun 28, 2019Arab News | OPEC ‘set to roll over supply deal, discuss deeper oil curbs’-3.5%
Dec 1, 2023Deeper OPEC+ supply cuts | articles | ING THINK-8.8%
Dec 6, 2019OPEC: Saudi Arabia and Russia impose deeper oil production cuts+1.3%
Mar 1, 2017Oil prices rise as OPEC production cut trims supply | Globalnews.ca-2.2%

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.

BRENT · GP ▸

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WTI · GP ▸

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