# Oil Supply: Saudis to Stick With 1 Million-Barrel A Day Cut - Bloomberg

> Saudi Arabia and Russia reaffirmed that they will keep oil supply curbs of more than 1 million barrels a day until the end of the year. The move came as a rally in crude prices was faltering.

- Date: 2023-10-04 · published 2023-10-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/33521-oil-supply-saudis-to-stick-with-1-million-barrel-a-day-cut-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Continued curbs tighten crude supply and support energy input costs for feed mills and transport. The extension was widely expected, so the price effect is limited.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-04-03 | [OPEC+ Sticks With Supply Cuts While Oil Nears $90 a Barrel - Bloomberg](https://feedsoft.ai/events/30642-opec-sticks-with-supply-cuts-while-oil-nears-90-a-barrel-bloomberg.md) | +0.1% | -3.2% |
| 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+ Latest: Saudis Unveil Extra 1 Million Barrel Cut - Bloomberg](https://feedsoft.ai/events/35398-opec-latest-saudis-unveil-extra-1-million-barrel-cut-bloomberg.md) | -2.2% | -2.8% |
| WTI | 2023-04-02 | [OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg](https://feedsoft.ai/events/36323-opec-makes-surprise-1-million-barrel-oil-production-cut-bloomberg.md) | +5.4% | -0.0% |
| WTI | 2021-01-05 | [Saudis Take Charge of Oil Market With Surprise Output Cut - Bloomberg](https://feedsoft.ai/events/49055-saudis-take-charge-of-oil-market-with-surprise-output-cut-bloomberg.md) | +9.8% | +15.2% |
| BRENT | 2024-04-03 | [OPEC+ Sticks With Supply Cuts While Oil Nears $90 a Barrel - Bloomberg](https://feedsoft.ai/events/30642-opec-sticks-with-supply-cuts-while-oil-nears-90-a-barrel-bloomberg.md) | +2.8% | -0.3% |
| BRENT | 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) | +4.3% | -1.7% |
| BRENT | 2023-06-04 | [OPEC+ Latest: Saudis Unveil Extra 1 Million Barrel Cut - Bloomberg](https://feedsoft.ai/events/35398-opec-latest-saudis-unveil-extra-1-million-barrel-cut-bloomberg.md) | -1.7% | -1.8% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2023-10-04/saudis-to-stick-with-1-million-barrel-oil-supply-cut-to-year-end

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