OPEC Lurches From Pump All You Can to Mulling Cuts in Just Days

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.

• Jun 30, 2019OPEC Production Falls in June as Cartel Moves to Prolong Cuts - Bloomberg-1.4%
• Nov 30, 2016Brent Oil Jumps to Highest in More Than a Year After OPEC Accord - Bloomberg+12.5%
• Feb 16, 2023OPEC+ Deal Will Remain in Place All Year, Saudi Minister Says - Bloomberg-4.2%
• Jan 8, 2019Oil Bounces Back to Bull Market Fueled by OPEC Cuts, Trade Talks - Bloomberg+4.2%
• Jul 1, 2019OPEC Extends Output Cuts Into 2020 as Marathon Meeting Ends - Bloomberg-1.4%

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.

• Jun 30, 2019OPEC Production Falls in June as Cartel Moves to Prolong Cuts - Bloomberg-4.2%
• Nov 30, 2016Brent Oil Jumps to Highest in More Than a Year After OPEC Accord - Bloomberg+16.7%
• Feb 16, 2023OPEC+ Deal Will Remain in Place All Year, Saudi Minister Says - Bloomberg-5.5%
• Jan 8, 2019Oil Bounces Back to Bull Market Fueled by OPEC Cuts, Trade Talks - Bloomberg+2.9%
• Jul 1, 2019OPEC Extends Output Cuts Into 2020 as Marathon Meeting Ends - Bloomberg-4.2%