# Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy

> OPEC+ held its overall policy at a virtual meeting delayed by disputes over West African baselines. Saudi Arabia extended its 1 million bpd voluntary cut into the first quarter, and other members announced further reductions.

- Date: 2023-11-30 · published 2023-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/33084-riyadh-to-extend-1-million-barrel-per-day-cut-as-opec-holds-policy
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Saudi Arabia's extended cut is the main supply lever, so crude prices are likely to find support into early 2024. Higher crude lifts diesel and freight costs for feed.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-09-05 | [Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year](https://feedsoft.ai/events/34018-saudi-arabia-to-extend-voluntary-cut-of-1-million-barrels-per-day-until-the-end.md) | +2.1% | +3.8% |
| WTI | 2023-08-03 | [Saudi Arabia extends 1 million barrel-per-day oil cut, may deepen it in future \| Reuters](https://feedsoft.ai/events/34491-saudi-arabia-extends-1-million-barrel-per-day-oil-cut-may-deepen-it-in-future.md) | +6.1% | +2.7% |
| WTI | 2023-10-01 | [Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December](https://feedsoft.ai/events/34020-oil-prices-spike-as-saudi-arabia-russia-extend-1-3-million-barrel-a-day-oil-cut.md) | -8.8% | -5.4% |
| WTI | 2023-09-12 | [OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg](https://feedsoft.ai/events/34014-opec-oil-data-show-3-million-barrel-supply-shortfall-as-saudi-arabia-extends.md) | +4.8% | -3.8% |
| WTI | 2023-06-04 | [Opec+ cuts oil output to 40.46 million barrels per day  throughout 2024 \| Khaleej Times](https://feedsoft.ai/events/35399-opec-cuts-oil-output-to-40-46-million-barrels-per-day-throughout-2024-khaleej.md) | -2.2% | -2.8% |
| BRENT | 2023-09-05 | [Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year](https://feedsoft.ai/events/34018-saudi-arabia-to-extend-voluntary-cut-of-1-million-barrels-per-day-until-the-end.md) | +2.0% | +1.7% |
| BRENT | 2023-08-03 | [Saudi Arabia extends 1 million barrel-per-day oil cut, may deepen it in future \| Reuters](https://feedsoft.ai/events/34491-saudi-arabia-extends-1-million-barrel-per-day-oil-cut-may-deepen-it-in-future.md) | +5.8% | +3.2% |
| BRENT | 2023-10-01 | [Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December](https://feedsoft.ai/events/34020-oil-prices-spike-as-saudi-arabia-russia-extend-1-3-million-barrel-a-day-oil-cut.md) | -9.8% | -5.2% |

## Sources

- english.elpais.com: https://english.elpais.com/economy-and-business/2023-11-30/saudi-arabia-extends-cut-in-oil-it-sends-to-the-world-in-bid-to-boost-prices.html
- cnbc.com: https://www.cnbc.com/2023/11/30/riyadh-to-extend-1-million-barrel-per-day-cut-as-opec-holds-policy.html

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