OPEC's steady output decision shifts the market test to credible capacity

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.

• Sep 5, 2022OPEC+ agrees to make token supply cut to steady oil market-0.9%
• May 25, 2017The Latest: OPEC, other nations extend output cut to March | BOE Report-7.0%
• Mar 4, 2021OPEC shocks oil markets with plan to keep crude output constrained+5.2%
• Mar 4, 2019OPEC likely to defer output policy decision until June: sources+2.0%
• Apr 2, 2023Oil leaps 6% as OPEC+ shocks markets by cutting output target+7.4%

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.

• Sep 5, 2022OPEC+ agrees to make token supply cut to steady oil market+1.0%
• May 25, 2017The Latest: OPEC, other nations extend output cut to March | BOE Report-5.4%
• Mar 4, 2021OPEC shocks oil markets with plan to keep crude output constrained+5.1%
• Mar 4, 2019OPEC likely to defer output policy decision until June: sources+0.2%
• Apr 2, 2023Oil leaps 6% as OPEC+ shocks markets by cutting output target+5.4%