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OPEC's 171st Conference was held in Vienna on November 30, 2016, chaired by Qatar's energy minister. Indonesia's new energy minister attended his first meeting, and the conference reviewed the High-Level Committee report from the Algiers Accord and the oil market outlook.
The conference set the production policy that followed, so it is the source of the supply cut that lifted crude prices. Markets treat it as a shift in OPEC's supply management.
hydrocarbonengineering.comRosalie StarlingDec 1, 2016After 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.
