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OPEC reported that its crude output fell by 890,000 bpd in January to average 32.14 million bpd, with the largest cuts in Saudi Arabia, Iraq and the UAE. Secondary sources show Saudi Arabia cut more than promised, while Iraq and others cut less.
Reuters calculations put compliance near 93 percent.
Confirmed output cuts that are largely being followed tighten crude supply, supporting oil prices. Higher crude tends to strengthen biofuel economics and raise diesel and fertilizer costs for feed buyers.
oilprice.comTsvetana ParaskovaFeb 13, 2017After 116 past bullish report events, BRENT moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% over 20.
After 131 past bullish report events, WTI moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% 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.
