OPEC Production Falls in June as Cartel Moves to Prolong Cuts

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.

• May 3, 2024OPEC+ likely to extend production cuts in June+0.4%
• Oct 25, 2018OPEC Lurches From Pump All You Can to Mulling Cuts in Just Days - Bloomberg-2.0%
• Apr 2, 2023OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg+5.4%
• Jul 1, 2020Opec and allies extend oil production cuts to end of July+4.2%
• Dec 6, 2018Crude Climbs as OPEC and Allies Finalize Production Limitations - Bloomberg-3.3%

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.

• May 3, 2024OPEC+ likely to extend production cuts in June-0.8%
• Oct 25, 2018OPEC Lurches From Pump All You Can to Mulling Cuts in Just Days - Bloomberg-2.1%
• Apr 2, 2023OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg+7.4%
• Jul 1, 2020Opec and allies extend oil production cuts to end of July+4.3%
• Dec 6, 2018Crude Climbs as OPEC and Allies Finalize Production Limitations - Bloomberg-2.7%