# Oil set for biggest weekly gain since 2016 on Saudi supply cut

> Brent was on track for its biggest weekly gain since December 2016 after Saudi Arabia cut output ahead of the OPEC deal taking effect. Fears over global demand persisted ahead of U.S.-China trade negotiations, and the Chinese central bank lowered reserve requirements to support growth.

- Date: 2019-01-04 · published 2019-01-04T12:00:00.000Z
- Category: policy · region Saudi Arabia · magnitude medium
- Page: https://feedsoft.ai/events/10833-oil-set-for-biggest-weekly-gain-since-2016-on-saudi-supply-cut
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Saudi output cuts reduce crude supply and push prices higher, raising energy costs for feed producers. Demand uncertainty from the trade dispute caps the rally.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2019-01-10 | 5 | +13.6% | 3.3 | Saudi output cut ahead of the OPEC deal drove Brent's biggest weekly gain since 2016, with trade talk and demand fears as offsets. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-09-09 | [Oil rises 4% on supply threats, still set for weekly drop \| Reuters](https://feedsoft.ai/events/39767-oil-rises-4-on-supply-threats-still-set-for-weekly-drop-reuters.md) | +1.7% | +7.3% |
| BRENT | 2016-12-01 | [OPEC in first joint oil cut with Russia since 2001, Saudis take 'big hit'](https://feedsoft.ai/events/9700-opec-in-first-joint-oil-cut-with-russia-since-2001-saudis-take-big-hit.md) | +6.6% | +12.9% |
| BRENT | 2024-12-03 | [Oil sees biggest daily gain in 2 weeks on bets OPEC+ will extend production cuts - MarketWatch](https://feedsoft.ai/events/27120-oil-sees-biggest-daily-gain-in-2-weeks-on-bets-opec-will-extend-production-cuts.md) | +0.8% | +3.2% |
| BRENT | 2025-04-01 | [Oil prices rise for second consecutive week on expected tighter supply](https://feedsoft.ai/events/25750-oil-prices-rise-for-second-consecutive-week-on-expected-tighter-supply.md) | -14.2% | -15.6% |
| BRENT | 2023-04-03 | [Oil prices notch biggest gain in nearly a year after OPEC's surprise output cut](https://feedsoft.ai/events/7951-oil-prices-notch-biggest-gain-in-nearly-a-year-after-opec-s-surprise-output-cut.md) | +7.4% | +1.0% |
| WTI | 2022-09-09 | [Oil rises 4% on supply threats, still set for weekly drop \| Reuters](https://feedsoft.ai/events/39767-oil-rises-4-on-supply-threats-still-set-for-weekly-drop-reuters.md) | +2.0% | +5.8% |
| WTI | 2016-12-01 | [OPEC in first joint oil cut with Russia since 2001, Saudis take 'big hit'](https://feedsoft.ai/events/9700-opec-in-first-joint-oil-cut-with-russia-since-2001-saudis-take-big-hit.md) | +0.8% | +8.8% |
| WTI | 2024-12-03 | [Oil sees biggest daily gain in 2 weeks on bets OPEC+ will extend production cuts - MarketWatch](https://feedsoft.ai/events/27120-oil-sees-biggest-daily-gain-in-2-weeks-on-bets-opec-will-extend-production-cuts.md) | +0.4% | +5.8% |

## Sources

- worldoil.com: https://www.worldoil.com/news/2019/1/4/oil-set-for-biggest-weekly-gain-since-2016-on-saudi-supply-cut

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.