OPEC Raises Oil Production by 1.38 Million Barrels per Day Despite Export Disruptions

After 171 past bearish report events, Crude Oil (WTI) moved a median -1.5% over 5 sessions (37% higher; middle half -4.8% to +1.9%), and -0.9% over 20.

• Jan 31, 2018US oil production tops 10 million barrels a day for first time since 1970-1.8%
• Aug 13, 2018OPEC’s Output Rose in July Despite Decline in Saudi Oil Production - WSJ-2.5%
• Nov 29, 2017Oil supply outages fall as OPEC decides on extension of production restraint agreement Report | Wood Mackenzie-0.6%
• Mar 31, 2021OPEC cuts global oil demand estimates ahead of production decision-1.3%
• Oct 11, 2018OPEC hikes oil output in September as Iran's production falls-4.8%

After 129 past bearish report events, Crude Oil (Brent) moved a median -1.3% over 5 sessions (45% higher; middle half -3.9% to +2.5%), and +0.4% over 20.

• Jan 31, 2018US oil production tops 10 million barrels a day for first time since 1970-2.3%
• Aug 13, 2018OPEC’s Output Rose in July Despite Decline in Saudi Oil Production - WSJ-1.3%
• Nov 29, 2017Oil supply outages fall as OPEC decides on extension of production restraint agreement Report | Wood Mackenzie-0.7%
• Mar 31, 2021OPEC cuts global oil demand estimates ahead of production decision-1.9%
• Oct 11, 2018OPEC hikes oil output in September as Iran's production falls-4.2%