# Oil market to get “extremely tight” if OPEC continues supply cuts, Citadel reports

> Citadel's head of commodities said global oil markets could become extremely tight in the second half of 2024 if OPEC keeps supply cuts in place. Crude futures had topped $90 a barrel the prior week for the first time since October, and copper hit a 14-month high.

- Date: 2024-04-08 · published 2024-04-08T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/30932-oil-market-to-get-extremely-tight-if-opec-continues-supply-cuts-citadel-reports
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A tight crude market implies higher energy costs for feed production, transport and fertilizer. Continued OPEC restraint points to firm energy-linked price support.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-09-05 | [OPEC+ agrees to make token supply cut to steady oil market](https://feedsoft.ai/events/39516-opec-agrees-to-make-token-supply-cut-to-steady-oil-market.md) | +1.0% | -3.7% |
| WTI | 2018-05-30 | [Oil Rallying After Report Says OPEC Keeping Supply Cuts Through 2018 - Markets Insider](https://feedsoft.ai/events/65178-oil-rallying-after-report-says-opec-keeping-supply-cuts-through-2018-markets.md) | -1.9% | +10.3% |
| WTI | 2018-03-29 | [Oil prices gain on expectation of continued Opec supply curbs in 2018 \| The National](https://feedsoft.ai/events/66167-oil-prices-gain-on-expectation-of-continued-opec-supply-curbs-in-2018-the.md) | -1.2% | +6.0% |
| WTI | 2019-12-06 | [Deeper OPEC+  supply cuts sends supportive signal to markets \| Wood Mackenzie](https://feedsoft.ai/events/55493-deeper-opec-supply-cuts-sends-supportive-signal-to-markets-wood-mackenzie.md) | +1.3% | +7.9% |
| WTI | 2016-12-01 | [OPEC deal expected to tighten oil market in 2017: Kemp](https://feedsoft.ai/events/73628-opec-deal-expected-to-tighten-oil-market-in-2017-kemp.md) | +0.8% | +8.8% |
| BRENT | 2022-09-05 | [OPEC+ agrees to make token supply cut to steady oil market](https://feedsoft.ai/events/39516-opec-agrees-to-make-token-supply-cut-to-steady-oil-market.md) | -0.9% | -5.0% |
| BRENT | 2018-05-30 | [Oil Rallying After Report Says OPEC Keeping Supply Cuts Through 2018 - Markets Insider](https://feedsoft.ai/events/65178-oil-rallying-after-report-says-opec-keeping-supply-cuts-through-2018-markets.md) | -1.1% | -0.0% |
| BRENT | 2018-03-29 | [Oil prices gain on expectation of continued Opec supply curbs in 2018 \| The National](https://feedsoft.ai/events/66167-oil-prices-gain-on-expectation-of-continued-opec-supply-curbs-in-2018-the.md) | -2.0% | +9.1% |

## Sources

- worldoil.com: https://www.worldoil.com/news/2024/4/8/oil-market-to-get-extremely-tight-if-opec-continues-supply-cuts-citadel-reports/

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