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UAE Energy Minister Suhail al-Mazrouei said OPEC may need to extend its output-cut agreement beyond the first quarter of 2018, with a decision likely at the November meeting. He said the recovery in crude prices will take time and that Libyan and Nigerian output complicates rebalancing.
A possible extension of cuts signals continued supply restraint, which supports crude prices over the coming months, though the timeline is uncertain.
arabianbusiness.comJul 25, 2017After 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.
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.
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.
