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Saudi Arabia pledged to cap crude shipments at 6.6 million barrels a day in August, one million below a year earlier. Energy Minister Khalid Al-Falih said the kingdom won't act alone and other nations must improve compliance, after meeting OPEC and Russian producers in St. Petersburg.
Libya and Nigeria were told they can keep increasing output.
Deeper Saudi export cuts tighten crude supply and support oil prices, which feed into diesel costs and energy-linked feed inputs. Continued Libyan and Nigerian increases partly offset the cuts, limiting the price upside.
bloomberg.comGrant Smith, Elena Mazneva, Wael MahdiJul 24, 2017After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% 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.
