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A Congressional Research Service report summarizes the status of the OPEC and non-OPEC production agreement, which calls for cuts of about 1.7 million bpd and runs through December 2018. It also reviews the history of OPEC and proposed NOPEC legislation.
The agreement remains in force through 2018, so it continues to restrict crude supply and support prices. The report is background and does not add a new supply change.
everycrsreport.comApr 26, 2018After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% 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.
