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The Joint OPEC and non-OPEC Ministerial Monitoring Committee held its inaugural meeting in Vienna and agreed on measures to ensure production cuts. The OPEC secretariat will provide a monthly production report to the committee by the 17th of each month.
Monthly production monitoring increases the chance that cuts are enforced, which supports crude prices over the first half of 2017.
aa.com.trJan 23, 2017After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% 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.
