OPEC, Russia rebuff Trump's call for immediate boost to oil output

After 626 past bullish geopolitics events, WTI moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.

• Jul 15, 2022Oil rises 2% as no immediate Saudi output boost expected+0.6%
• Sep 27, 2022Crude Rallies on Reports Russia Will Push for OPEC+ to Cut Output+9.0%
• Jun 26, 2019Trump's sanctions cut more OPEC oil output than OPEC itself | Reuters-2.8%
• Feb 10, 2023Russia to cut oil output by 500,000 bpd in March+0.5%
• Feb 10, 2023OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg+0.5%

After 656 past bullish geopolitics events, BRENT moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.

• Jul 15, 2022Oil rises 2% as no immediate Saudi output boost expected+4.8%
• Jun 26, 2019Trump's sanctions cut more OPEC oil output than OPEC itself | Reuters-4.7%
• Feb 10, 2023Russia to cut oil output by 500,000 bpd in March+0.6%
• Feb 10, 2023OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg+0.6%
• Mar 2, 2022Oil jumps to highest since 2011 as OPEC holds output steady despite Russia's war on Ukraine+21.0%

After 250 past bullish geopolitics events, DIESEL moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% over 20.

• Sep 27, 2022Crude Rallies on Reports Russia Will Push for OPEC+ to Cut Output+9.6%
• Feb 10, 2023Russia to cut oil output by 500,000 bpd in March-0.8%
• Feb 10, 2023OPEC+ Won’t Increase Oil Production Despite Russia Output Cut, Delegates Say - Bloomberg-0.8%
• Dec 7, 2018OPEC and Russia agree to slash oil production | CNN Business+1.1%
• Aug 31, 2017As oil prices weather storm, OPEC looks for long-term boost from Harvey+7.1%