# Brent Hits $116 as OPEC Meets With Saudi Output 4.5 mb/d Below Quota

> Brent traded at $116.87 as European gas reached 2022 highs ahead of an OPEC meeting on November 1. Saudi September output was about 8.37 million bpd, roughly 2.1 million below its 10.5 million bpd quota, because of Houthi strikes on refineries and Strait of Hormuz disruption.

- Date: 2026-10-30 · published 2026-11-01T17:11:39.727Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/17241-brent-hits-116-as-opec-meets-with-saudi-output-4-5-mb-d-below-quota
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Saudi output running well below quota because of physical damage and mined shipping lanes keeps crude supply constrained, supporting energy and fertilizer costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-04-01 | [OPEC oil output hits four-year low on Saudi cuts, Venezuela blackouts](https://feedsoft.ai/events/59501-opec-oil-output-hits-four-year-low-on-saudi-cuts-venezuela-blackouts.md) | +2.9% | +5.1% |
| BRENT | 2023-01-30 | [OPEC+ seen sticking with oil output policy at Feb. 1 meeting - delegates \| Reuters](https://feedsoft.ai/events/37685-opec-seen-sticking-with-oil-output-policy-at-feb-1-meeting-delegates-reuters.md) | -7.7% | -3.8% |
| BRENT | 2019-01-03 | [OPEC oil output posts biggest drop since 2017 on Saudi move](https://feedsoft.ai/events/60996-opec-oil-output-posts-biggest-drop-since-2017-on-saudi-move.md) | +10.9% | +13.4% |
| BRENT | 2019-07-31 | [OPEC oil output hits lowest since 2011 on Saudi cut, sanctions: Reuters survey](https://feedsoft.ai/events/58012-opec-oil-output-hits-lowest-since-2011-on-saudi-cut-sanctions-reuters-survey.md) | -7.6% | -7.3% |
| BRENT | 2020-04-09 | [Saudi Arabia and Russia end their oil-price war with output cut agreement](https://feedsoft.ai/events/53548-saudi-arabia-and-russia-end-their-oil-price-war-with-output-cut-agreement.md) | -20.8% | -7.2% |
| WTI | 2019-04-01 | [OPEC oil output hits four-year low on Saudi cuts, Venezuela blackouts](https://feedsoft.ai/events/59501-opec-oil-output-hits-four-year-low-on-saudi-cuts-venezuela-blackouts.md) | +4.9% | +5.4% |
| WTI | 2023-01-30 | [OPEC+ seen sticking with oil output policy at Feb. 1 meeting - delegates \| Reuters](https://feedsoft.ai/events/37685-opec-seen-sticking-with-oil-output-policy-at-feb-1-meeting-delegates-reuters.md) | -7.9% | -5.2% |
| WTI | 2019-01-03 | [OPEC oil output posts biggest drop since 2017 on Saudi move](https://feedsoft.ai/events/60996-opec-oil-output-posts-biggest-drop-since-2017-on-saudi-move.md) | +12.6% | +16.8% |

## Sources

- houseofsaud.com: https://houseofsaud.com/opec-saudi-oil-price-nov1/

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