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OPEC and non-OPEC ministers met on December 10 in Vienna to follow up the November 30 Vienna Agreement. The meeting noted a 1.2 million bpd production adjustment effective January 1, 2017, and recognized non-OPEC producers' desire to support oil market stability.
Non-OPEC backing for the output cut increases the amount of supply withdrawn from the market, which supports crude prices and the cost of energy inputs for feed producers.
worldenergynews.comDec 11, 2016After 438 past bullish policy events, 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, 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.
