OPEC drafting agreement to institutionalize market cooperation with Russia, other allies

After 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.

• Dec 6, 2023OPEC+ Agrees to Additional Production Cuts: Market Responds With a Shrug | Baker Institute-5.1%
• Feb 2, 2022With oil markets tightening, OPEC and its allies agree to a small increase in output.+1.3%
• Jul 31, 2017OPEC set to meet with allies on compliance | The Greater Middle East-0.3%
• Dec 7, 2018OPEC and allies agree to cut oil production+2.2%
• Jun 29, 2019Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters-1.4%

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.

• Dec 6, 2023OPEC+ Agrees to Additional Production Cuts: Market Responds With a Shrug | Baker Institute-4.6%
• Feb 2, 2022With oil markets tightening, OPEC and its allies agree to a small increase in output.+4.1%
• Jul 31, 2017OPEC set to meet with allies on compliance | The Greater Middle East+0.4%
• Dec 7, 2018OPEC and allies agree to cut oil production+2.2%
• Jun 29, 2019Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters-4.2%