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OPEC+ agreed to extend its oil production cuts by six to nine months, with Saudi Energy Minister Khalid al-Falih saying nine months was most likely. Putin said the deal would be extended in its current form and volumes.
Iran's crude exports have virtually stopped, removing about two million bpd from world supply since early 2018.
The extension of cuts and the loss of Iranian barrels tighten supply and support crude prices. Higher energy costs raise the price of diesel, fertilizer and freight used in feed production.
en.radiofarda.comRadio FardaJun 30, 2019After 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.
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.
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.
