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The BBC explains the influence of OPEC on oil prices as its members meet in Vienna. OPEC accounts for more than 40% of global crude output, and Russia and the US are key non-OPEC players.
The group aims to stabilise or raise prices by managing its production.
Background on OPEC's production leverage helps buyers understand that supply cuts can lift crude and energy-linked costs, though the impact depends on non-OPEC output such as US shale.
bbc.comAndrew WalkerDec 7, 2018After 63 past neutral geopolitics events, Crude Oil (Brent) moved a median -0.5% over 5 sessions (44% higher; middle half -4.4% to +2.6%), and -2.7% over 20.
After 60 past neutral geopolitics events, Crude Oil (WTI) moved a median -0.9% over 5 sessions (43% higher; middle half -4.7% to +2.3%), and -1.9% 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.
