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Saudi Arabia became co-chair of the Joint Ministerial Monitoring Committee, which oversees the OPEC+ oil production cut deal. Russian Energy Minister Alexander Novak said the committee now has six members and will meet every two or three months.
The committee's mandate was extended as part of the Vienna declaration.
The monitoring structure signals continued compliance oversight of the supply cuts, which supports the market's expectation of restricted supply. The change itself is procedural and adds little new price impact.
tass.comNov 30, 2017After 175 past neutral policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (45% higher; middle half -3.6% to +3.0%), and +0.7% 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.
