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Wood Mackenzie says the OPEC+ rollover was a foregone conclusion after Russia's president backed continued production restraint at the G20. The analysis notes oil prices rose slightly on 1 July and dipped on the meeting day before rebounding on Iran-related speculation.
Restraint through early 2020 keeps crude supply tight, but the modest price reaction shows limited immediate effect. Geopolitical risk around Iran adds volatility to energy costs.
woodmac.comWood MackenzieJul 2, 2019After 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.
