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OPEC+ ministers met in Jeddah over the weekend to review whether their production strategy needed changes amid oil market stress and geopolitical tensions. The group deferred any decision to its June meeting.
The meeting followed the US decision not to renew Iranian crude sanction waivers when they expired on May 2.
Holding output steady while US sanctions tighten Iranian supply supports crude prices, which feeds into diesel and energy costs for feed mills and transport.
csis.orgFrank A. VerrastroMay 20, 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.
