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Three OPEC sources said the group was unlikely to decide its output policy in April and expected a June decision. The likely outcome was a rollover of the current cuts, with exempt countries already well below October output levels.
The sources said the decision depends on the scope of US sanctions on Iran and Venezuela.
A likely June rollover signals continued supply restraint, which supports crude prices and the energy costs that feed on them.
zeebiz.comReutersMar 4, 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.
