Iraq's 5 Million Bpd Oil Claim Complicates Its OPEC Quota Push

After 215 past bearish policy events, Crude Oil (WTI) moved a median +0.1% over 5 sessions (51% higher; middle half -4.4% to +3.3%), and +0.2% over 20.

• Aug 31, 2019OPEC Abandons ‘’Whatever It Takes Strategy’’, Boosts Production | OilPrice.com+2.5%
• Jul 18, 2022OPEC+ Agrees to 100,000 bpd Oil Production Increase for September-2.2%
• Jul 3, 2018Saudi, Russia Reaffirm OPEC Deal of Million-Barrel Oil Boost - Bloomberg+0.3%
• Mar 14, 2017Saudi Arabia tells Opec it raised output to 10 million bpd in February | The National-0.3%
• Dec 1, 2023Oil prices down 2% on U.S. rig count, underwhelming OPEC+ cuts-8.8%

After 210 past bearish policy events, Crude Oil (Brent) moved a median -0.9% over 5 sessions (48% higher; middle half -3.8% to +3.2%), and +0.2% over 20.

• May 6, 2022Amid sliding capacity, OPEC raises Nigeria's quota to 1.77m bpd-3.4%
• Aug 31, 2019OPEC Abandons ‘’Whatever It Takes Strategy’’, Boosts Production | OilPrice.com+1.1%
• Jul 18, 2022OPEC+ Agrees to 100,000 bpd Oil Production Increase for September-1.5%
• Jul 3, 2018Saudi, Russia Reaffirm OPEC Deal of Million-Barrel Oil Boost - Bloomberg+0.7%
• Mar 14, 2017Saudi Arabia tells Opec it raised output to 10 million bpd in February | The National+0.8%