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OPEC+ was set to meet on Sunday to decide output policy for 2023. Preliminary data showed OPEC output fell by 1.05 million bbl/d in November to 28.79 million bbl/d, led by cuts from Saudi Arabia and the UAE.
EU members were still negotiating a Russian crude price cap ahead of the EU seaborne crude ban taking effect on 5 December.
Deeper OPEC+ cuts would tighten crude supply and support energy prices, while a cap set near US$60/bbl would have limited effect on Russian revenues. Crude costs feed into diesel and freight, which affect feed production and delivery costs.
think.ing.comWarren Patterson, Ewa MantheyDec 2, 2022After 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.
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.
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.
