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Iran said OPEC may need an extraordinary meeting to address output changes after months of underproduction. OPEC and Russia agreed to return to 100% compliance with prior cuts, which would raise output by roughly 1 million barrels per day from July.
Iran's position signals a dispute over how the increase should be handled.
A planned supply increase of about 1 million b/d is a bearish factor for crude, and disagreement over implementation adds uncertainty to the price outlook.
reuters.comAug 8, 2018After 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.
After 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.
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.
