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OPEC and its allies agreed at a meeting in Abu Dhabi to keep their current production cuts until a further review in December. Saudi Arabia pledged a voluntary adjustment to 9.89 million bpd in October, and Iraq and Nigeria announced further cuts.
The UAE said it would keep output at levels that achieve market balance.
Maintaining the cuts keeps supply restrained through the end of the year, which supports crude prices. Stable crude helps keep diesel and energy costs predictable for feed mills and grain haulers.
dubaieye1038.comSep 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.
