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Saudi Arabia's energy minister Khalid al-Falih said oil producers agreed to keep cooperating on production after the supply-cut deal expires at the end of 2018. The mechanism has not been decided, and the minister said any extension would not necessarily keep current country targets.
A commitment to extend supply cuts beyond 2018 signals continued tightening of the market, which supports crude prices and raises energy costs for feed production and transport.
hydrocarbonprocessing.comJan 21, 2018After 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.
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.
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.
