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The OPEC Secretariat published production cut levels for OPEC+ countries under the December 7 Vienna agreement. OPEC+ output is to be cut by 1.195 million bpd to 43.87 million bpd in the first half of 2019, with OPEC cutting 812,000 bpd.
Implementation has reached 116 percent since early 2017.
Published targets confirm the scale of supply restraint in early 2019, supporting crude prices. The market impact is largely a restatement of the existing deal.
abc.azJan 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.
