Opec and allies say significant capacity exists but not needed

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

• Jun 6, 2020OPEC and allies agree to extend record production cut-8.3%
• Dec 1, 2018Oman Oil Minister: Majority of OPEC and its Allies Support Cut+3.7%
• Dec 4, 2022Opec+ sticks to current output targets ahead of Russia crude sanctions | The National-11.1%
• May 5, 2022Opec+ sticks to June output plan as oil prices continue to rise | The National-2.1%
• Apr 9, 2020OPEC and allies agree to historic 10 million barrel per day oil cut-20.7%

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

• Jun 6, 2020OPEC and allies agree to extend record production cut-7.2%
• Dec 1, 2018Oman Oil Minister: Majority of OPEC and its Allies Support Cut+6.0%
• Dec 4, 2022Opec+ sticks to current output targets ahead of Russia crude sanctions | The National-11.4%
• May 5, 2022Opec+ sticks to June output plan as oil prices continue to rise | The National-2.5%
• Apr 9, 2020OPEC and allies agree to historic 10 million barrel per day oil cut-20.8%