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Dec 1, 2017POLICYUS

U.S. Shale To Surge After OPEC Extension

OilPrice.com reports that OPEC and Russia-led non-OPEC countries extended their production cuts through 2018. The article expects US shale output to rise in response to the higher prices the cuts support.

WHY IT MATTERS

Rising US shale output would offset some of the OPEC restraint and limit crude price gains over 2018.

AFFECTSCrude Oil (WTI)▼

SOURCE
oilprice.comNick CunninghamDec 1, 2017

Price reaction & history

Crude Oil (WTI)▼bearishSO FAR1d +1.7%5d -1.5%20d +5.3%

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.

Nov 28, 2017Oil prices slip on OPEC deal extension jitters-1.1%
Mar 1, 2019Crude Oil Prices Fall On Trump's OPEC Tweet But U.S. Shale Boom Continues-1.0%
Mar 9, 2022Oil prices tumble after UAE says it wants OPEC to increase production | CNN Business-22.0%
Aug 31, 2019OPEC Abandons ‘’Whatever It Takes Strategy’’, Boosts Production | OilPrice.com+2.5%
Feb 24, 2021OPEC+ Considers Production Increase At March Meeting | OilPrice.com-3.2%

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.

Crude Oil (WTI) WTI · GP ▸

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