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The OPEC+ JMMC said all participating countries would exceed their voluntary output adjustments in coming months. Compliance with February cuts was put at 90%.
The committee will meet next in Jeddah in May.
Over-compliance with cuts reduces available crude supply, which supports oil prices and therefore energy and input costs for feed production.
octaafrica.netMar 18, 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.
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.
