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Wood Mackenzie reports that OPEC and its non-OPEC partners agreed to roll over production restraint at the early July Vienna meetings. The decision followed Russian President Putin's backing of continued cooperation with Saudi Arabia.
The analysis expects output restraint to continue through 2020, which supports a tighter H2 2019 crude balance. That is mildly supportive for oil and energy-linked input costs.
woodmac.comWood MackenzieJul 3, 2019After 442 past bullish policy events, 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.
