OPEC Chief Urges Producers to Meet Pledges to Cut Oil Output

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.

• Sep 19, 2017Oil Producers Weigh More Cuts, Iraq Says - Bloomberg+6.7%
• Mar 1, 2017Oil rises as Opec sticks to output pledges, rising US production cap gains+1.5%
• Apr 2, 2023OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg+7.4%
• Nov 21, 2019Oil Prices Surge as OPEC Looks to Cut Output | INN+2.3%
• Apr 3, 2023Opec+ agrees to stick to oil output targets as members pledge voluntary cuts | The National+7.4%

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.

• Sep 19, 2017Oil Producers Weigh More Cuts, Iraq Says - Bloomberg+4.2%
• Mar 1, 2017Oil rises as Opec sticks to output pledges, rising US production cap gains-2.2%
• Apr 2, 2023OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg+5.4%
• Nov 21, 2019Oil Prices Surge as OPEC Looks to Cut Output | INN+2.2%
• Apr 3, 2023Opec+ agrees to stick to oil output targets as members pledge voluntary cuts | The National+5.4%