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OPEC agreed to ask over-producing members Iraq and Nigeria to bring output in line with their targets, with Iraq pledging a 175,000 bpd cut by October and Nigeria 57,000 bpd. Oil had fallen below $60 a barrel from 2019 peaks near $75 on recession fears.
Saudi Arabia said it would pump just below 10 million bpd.
Additional supply cuts from over-producers tighten the crude balance and support oil prices against a demand slowdown. Higher crude tends to lift diesel and freight costs and can support vegetable oil and biofuel values.
aljazeera.comReutersSep 12, 2019After 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.
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.
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.
