OPEC and partner countries record sharp rise in oil production despite ongoing West Asia crisis

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.

• Aug 13, 2018OPEC’s Output Rose in July Despite Decline in Saudi Oil Production - WSJ-1.3%
• Nov 1, 2024US Oil Production Hits Another Record, Adding to Supply Worries+3.4%
• Nov 14, 2022OPEC Cuts Oil Demand Outlook as It Starts to Curb Production - Bloomberg-8.2%
• 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%

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.

• Aug 13, 2018OPEC’s Output Rose in July Despite Decline in Saudi Oil Production - WSJ-2.5%
• Nov 1, 2024US Oil Production Hits Another Record, Adding to Supply Worries+4.5%
• Nov 14, 2022OPEC Cuts Oil Demand Outlook as It Starts to Curb Production - Bloomberg-10.1%
• 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%