OPEC agrees to extend current production cuts by 9 months

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.

• Feb 1, 2023OPEC+ agrees to stick to current production scheme-2.2%
• Jun 2, 2024Exclusive | OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices - WSJ-1.9%
• Jul 1, 2020Opec and allies extend oil production cuts to end of July+4.2%
• Dec 1, 2017OPEC opts to extend production cuts | Wood Mackenzie-1.5%
• May 3, 2024OPEC+ likely to extend production cuts in June+0.4%

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.

• Feb 1, 2023OPEC+ agrees to stick to current production scheme-0.8%
• Jun 2, 2024Exclusive | OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices - WSJ-2.0%
• Jul 1, 2020Opec and allies extend oil production cuts to end of July+4.3%
• Dec 1, 2017OPEC opts to extend production cuts | Wood Mackenzie-2.0%
• May 3, 2024OPEC+ likely to extend production cuts in June-0.8%