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OPEC and non-OPEC producers agreed on Saturday, December 10, to a joint oil output cut, the first global pact of its kind since 2001. Saudi Arabia will cut by as much as 486,000 bpd, and Saudi Energy Minister Falih said Riyadh may cut even deeper.
Coordinated cuts from non-OPEC producers such as Russia add to the supply reduction agreed on November 30 and speed the drawdown of global inventories, which supports crude prices.
reuters.comVladimir Soldatkin, Rania El Gamal, Alex LawlerDec 10, 2016reuters.comVladimir Soldatkin, Rania El GamalDec 10, 2016After 548 past bullish policy events, Palm Oil moved a median +0.4% over 5 sessions (61% higher; middle half -0.7% to +2.1%), and +0.9% over 20.
After 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.
After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% 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.
