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OPEC and non-OPEC monitoring committee scheduled an extra meeting on September 11, ahead of its September 23 meeting in Algiers, as the coalition works on a new production strategy. The six-country committee canceled a Monday call and replaced it with the September 11 session, while Iran's oil minister plans to attend the Algiers meeting.
Platts cFlow estimates show Iran's crude and condensate exports fell to 1.68 million b/d in early August.
Coordination on how much supply to add or hold back shapes the crude balance, and signals of more output from the group tend to weigh on oil prices. Diesel and other fuel costs that feed into feed-production logistics follow crude.
extractive360.come360Aug 28, 2018After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% over 20.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
