Opec mulls further output cuts to support oil prices

After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% over 20.

• Apr 2, 2023Goldman Sachs raises Brent oil price forecasts after OPEC+ output cuts+5.4%
• Nov 22, 2016Oil prices ease off three-week high on worries over OPEC output cut-4.7%
• Aug 27, 2021OPEC stays the course on output hikes as oil prices rebound+3.9%
• May 1, 2019Oil prices mixed as talk of extending OPEC cuts faces rising U.S. supply-3.8%
• May 5, 2022OPEC+ sticks to modest oil output hike despite price rally-2.1%

After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.

• Nov 22, 2016Oil prices ease off three-week high on worries over OPEC output cut+0.1%
• Aug 27, 2021OPEC stays the course on output hikes as oil prices rebound+3.6%
• May 1, 2019Oil prices mixed as talk of extending OPEC cuts faces rising U.S. supply-2.9%
• May 5, 2022OPEC+ sticks to modest oil output hike despite price rally-2.5%
• Mar 6, 2020OPEC output cut deal falls apart as Russia resists, sending oil prices into tailspin - The Express Tribune-36.6%