◂ Event Timeline

Mar 23, 2017POLICYGlobal

Saudi pledges stable oil supply as market confused by data

Saudi Arabia said it will keep supply stable at around 10 million bpd, in line with its OPEC quota, and will not supply the market more than that level. The statement follows confusion in market data about Saudi output.

WHY IT MATTERS

A firm Saudi supply ceiling supports the view that the cut is being honored, which provides some underpinning for crude and related energy prices.

AFFECTSBRENT▲WTI▲

SOURCE
reuters.comRania El GamalMar 23, 2017

Price reaction & history

BRENT▲bullishSO FAR1d +0.5%5d +3.6%20d +3.4%

After 442 past bullish policy events, BRENT moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.

Jun 4, 2023Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024-1.7%
Feb 1, 2019Oil Prices Rise As Saudis Pledge Deeper Cuts-1.4%
Sep 5, 2022OPEC+ agrees to make token supply cut to steady oil market-0.9%
Oct 10, 2019Oil prices rise as OPEC pledges decision on supply | Financial Post+0.6%
Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg+4.3%

WTI▲bullishSO FAR1d -0.6%5d +4.1%20d +5.7%

After 438 past bullish policy events, WTI moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.

Jun 4, 2023Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024-2.2%
Feb 1, 2019Oil Prices Rise As Saudis Pledge Deeper Cuts-2.1%
Sep 5, 2022OPEC+ agrees to make token supply cut to steady oil market+1.0%
Oct 10, 2019Oil prices rise as OPEC pledges decision on supply | Financial Post+1.5%
Sep 12, 2023OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg+4.8%

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.

BRENT · GP ▸

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WTI · GP ▸

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