Opec and Russia say global oil glut halfway cleared

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.

• Mar 4, 2024Saudi Arabia and the UAE among Opec+ members extending oil output cuts | The National-1.2%
• Jun 30, 2019Opec and Russia need to send out a strong signal-4.2%
• Nov 30, 2017Opec and Russia extend deal to cut oil production through 2018-2.7%
• Jun 6, 2020OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times-7.2%
• Jan 19, 2023Opec has more 'market power' as oil supply concerns return, Goldman Sachs says | The National+1.4%

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.

• Mar 4, 2024Saudi Arabia and the UAE among Opec+ members extending oil output cuts | The National-2.4%
• Jun 30, 2019Opec and Russia need to send out a strong signal-1.4%
• Nov 30, 2017Opec and Russia extend deal to cut oil production through 2018-2.5%
• Jun 6, 2020OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times-8.3%
• Jan 19, 2023Opec has more 'market power' as oil supply concerns return, Goldman Sachs says | The National+0.5%