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OPEC and non-OPEC ministers met on December 10 at the OPEC Secretariat in Vienna, co-chaired by Qatar and Russia. The meeting confirmed a 1.2 million bpd production adjustment effective January 1, 2017, and recorded that Azerbaijan, Bahrain, Kazakhstan, Mexico, Oman, Russia, Sudan and others wish to support market stability.
Non-OPEC participation widens the supply cut beyond OPEC members, which tightens the crude balance and supports prices for oil-linked costs in feed and biofuel markets.
euro-petrole.comEuropétroleDec 12, 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.
