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An IMF blog summarizes the OPEC deal of November 30, 2016, which cut OPEC output by 1.2 mbd to 32.5 mbd and non-OPEC output by about 600,000 bpd. It reports compliance near 90 percent in January, with Russia having cut only part of its pledge.
Partial compliance and rising output from exempt members such as Libya and Nigeria limit how much the cut can support crude prices, which indirectly affects energy and freight costs for feed buyers.
imf.orgRabah Arezki, Akito MatsumotoMar 15, 2017After 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.
After 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.
