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Saudi Energy Minister Khalid al-Falih said OPEC and non-OPEC producers may consider deeper cuts at the November meeting in Vienna. He added that nothing is up for discussion now and that the focus is on compliance with the current deal.
Talk of deeper cuts offers some support to crude prices, but no decision has been made. The market is likely to treat this as a conditional signal rather than a supply change.
oilprice.comTsvetana ParaskovaJun 2, 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.
After 187 past neutral policy events, Crude Oil (WTI) moved a median -0.1% over 5 sessions (49% higher; middle half -4.0% to +3.5%), and +0.1% 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.
