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Saudi Energy Minister Khalid Al-Falih said OPEC and allies are in a produce-as-much-as-you-can mode to meet demand. Saudi output has already reached 10.7 million bpd, near an all-time high, and can rise further to offset shortfalls from US sanctions on Iran that take effect next month.
Signaled spare capacity and willingness to add supply cap upside in crude, reducing the risk of a sanctions-driven spike in fuel costs.
bloomberg.comJavier Blas, Vivian Nereim, Mohammed SergieOct 23, 2018After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.
After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% 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.
Saudi pledges to produce as much as possible, with output at 10.7 million bpd, raised supply expectations and eased sanction-related tightness fears.
