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Saudi Oil Minister Khalid al-Falih said non-OPEC countries including Russia and Kazakhstan must contribute to the production cut and cannot take free rides. The 1.8 mbd pact was intended to bring supply closer to demand.
Pressure on non-OPEC members to deliver their cuts supports the compliance case, but disputes over enforcement add uncertainty about whether the deal will be extended.
reuters.comMar 7, 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.
