◂ Event Timeline

Oct 23, 2019POLICYGlobal

OPEC+ countries to cut further oil production ABC.AZ

Azerbaijani outlet ABC.AZ reports OPEC+ will assess further oil production cuts at the December 5 ministerial meeting in Vienna. It notes Azerbaijan's September output of 755,000 bpd and that the 1.2 million bpd deal was extended to the end of Q1 2020.

WHY IT MATTERS

Possible further OPEC+ cuts support crude prices, a modest upward factor for diesel and energy costs.

AFFECTSCrude Oil (Brent)▲Crude Oil (WTI)▲

SOURCE
erp.alba.azOct 23, 2019

Price reaction & history

Crude Oil (Brent)▲bullishSO FAR1d +1.2%5d +2.0%20d +2.6%

After 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.

Dec 7, 2018OPEC and allies agree to cut oil production+2.2%
Nov 30, 2023OPEC+ agrees to oil production cut | Oil & Gas Journal-10.5%
Nov 30, 2016Oil Surges on OPEC Deal to Cut Production - WSJ+16.7%
Jul 1, 2020Opec and allies extend oil production cuts to end of July+4.3%
Aug 16, 2019OPEC Oil Production Continues To Slide As Saudis Cut Deeper | OilPrice.com+3.6%

Crude Oil (WTI)▲bullishSO FAR1d +3.2%5d +2.2%20d +1.5%

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.

Dec 7, 2018OPEC and allies agree to cut oil production+2.2%
Nov 30, 2023OPEC+ agrees to oil production cut | Oil & Gas Journal-11.0%
Nov 30, 2016Oil Surges on OPEC Deal to Cut Production - WSJ+12.5%
Jul 1, 2020Opec and allies extend oil production cuts to end of July+4.2%
Aug 16, 2019OPEC Oil Production Continues To Slide As Saudis Cut Deeper | OilPrice.com+1.5%

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.

Crude Oil (Brent) BRENT · GP ▸

——— · ·

Crude Oil (WTI) WTI · GP ▸

——— · ·

Loading…