
Reuters, citing OPEC and industry sources, reported Gulf OPEC producers could raise output if demand is sufficient after the US ended Iran sanctions waivers. Sources said Saudi May output is not expected to exceed April levels and any increase would require consultation.
Signals that any supply response will be gradual, limiting the downside pressure on crude from a loss of Iranian barrels and keeping energy costs firm.
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.
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.
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.