# Oil market caught by surprise as US output surges

> U.S. crude output reached a record 13.2 million barrels a day in September, the highest of any country and about one in eight barrels of global supply. Prices slid to five-month lows as the added volumes outpaced official forecasts. The article says the surge complicates OPEC+ calculations.

- Date: 2023-12-07 · published 2023-12-07T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/32889-oil-market-caught-by-surprise-as-us-output-surges
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Record U.S. supply adds to global crude oversupply, pressuring prices and weakening the cost base for biofuel feedstocks. OPEC+ will have to deepen cuts to offset the gain.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-09-29 | [OPEC oil output rises by 50,000 bpd in September - Reuters survey](https://feedsoft.ai/events/68863-opec-oil-output-rises-by-50-000-bpd-in-september-reuters-survey.md) | -1.6% | +1.7% |
| WTI | 2019-06-05 | [Oil sinks as US crude stockpiles unexpectedly surge](https://feedsoft.ai/events/10748-oil-sinks-as-us-crude-stockpiles-unexpectedly-surge.md) | -0.4% | +4.8% |
| WTI | 2019-11-27 | [Oil falls after surprise US inventory build - Profit by Pakistan Today](https://feedsoft.ai/events/56231-oil-falls-after-surprise-us-inventory-build-profit-by-pakistan-today.md) | +0.3% | +4.9% |
| WTI | 2023-08-31 | [OPEC oil output rises in August as Iran hits 2018 high, Reuters survey finds \| Reuters](https://feedsoft.ai/events/34490-opec-oil-output-rises-in-august-as-iran-hits-2018-high-reuters-survey-finds.md) | +6.4% | +12.3% |
| WTI | 2020-07-31 | [OPEC oil output rises by 970,000 bpd in July - survey \| Financial Post](https://feedsoft.ai/events/52008-opec-oil-output-rises-by-970-000-bpd-in-july-survey-financial-post.md) | +5.2% | +7.7% |
| BRENT | 2017-09-29 | [OPEC oil output rises by 50,000 bpd in September - Reuters survey](https://feedsoft.ai/events/68863-opec-oil-output-rises-by-50-000-bpd-in-september-reuters-survey.md) | -1.8% | +1.6% |
| BRENT | 2019-06-05 | [Oil sinks as US crude stockpiles unexpectedly surge](https://feedsoft.ai/events/10748-oil-sinks-as-us-crude-stockpiles-unexpectedly-surge.md) | +0.3% | -0.3% |
| BRENT | 2019-11-27 | [Oil falls after surprise US inventory build - Profit by Pakistan Today](https://feedsoft.ai/events/56231-oil-falls-after-surprise-us-inventory-build-profit-by-pakistan-today.md) | -4.1% | +5.7% |

## Sources

- ft.com: https://www.ft.com/content/3a1bbb09-863c-4c51-a8c0-31eac536b938?shareType=nongift

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