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OPEC removed about 797,000 barrels per day from the market in January, just short of its 812,000 bpd target under the new OPEC+ cut round. Total OPEC output fell to about 30.8 million bpd from 31.6 million in December, with Saudi Arabia making the largest cut.
Iraq and Nigeria pumped more than 100,000 bpd above their quotas.
Near-full compliance with the OPEC+ cuts tightens crude supply, which supports diesel and fertilizer costs and can lift soyoil and biofuel values for feed buyers.
cnbc.comTom DiChristopherFeb 12, 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.
