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A S&P Global Platts survey of December data showed OPEC output fell about 280,000 bpd from November to 32.85 million bpd. Iran is allowed to grow output, Libya is exempt, and Iraq has said it will reduce output this year.
The managed decline supports crude prices, but analysts question whether compliance will last long enough to clear the stock overhang, and rising US output is a counterweight.
upi.comDaniel J. GraeberJan 12, 2017After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
After 116 past bullish report events, Crude Oil (Brent) moved a median +1.3% over 5 sessions (66% higher; middle half -1.0% to +3.1%), and +2.0% 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.
