# OPEC Oil Data Show 3 Million-Barrel Supply Shortfall as Saudi Arabia Extends Cut - Bloomberg

> Bloomberg reports that global oil markets face a supply shortfall of more than 3 million barrels a day next quarter, potentially the largest deficit in over a decade. The shortfall is linked to Saudi Arabia's extended output cut.

- Date: 2023-09-12 · published 2023-09-12T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34014-opec-oil-data-show-3-million-barrel-supply-shortfall-as-saudi-arabia-extends
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A deficit of this size would push crude prices higher and raise energy costs across the feed chain. Higher diesel and fertilizer input costs could also feed through to grain prices over time.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-10-04 | [Oil Supply: Saudis to Stick With 1 Million-Barrel A Day Cut - Bloomberg](https://feedsoft.ai/events/33521-oil-supply-saudis-to-stick-with-1-million-barrel-a-day-cut-bloomberg.md) | -3.8% | -6.0% |
| 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% |
| 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% |
| 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 | 2023-09-05 | [Arab News \| Saudi Arabia extends 1 million bpd oil output cut through December](https://feedsoft.ai/events/34024-arab-news-saudi-arabia-extends-1-million-bpd-oil-output-cut-through-december.md) | +2.0% | +1.7% |
| WTI | 2023-10-04 | [Oil Supply: Saudis to Stick With 1 Million-Barrel A Day Cut - Bloomberg](https://feedsoft.ai/events/33521-oil-supply-saudis-to-stick-with-1-million-barrel-a-day-cut-bloomberg.md) | -3.7% | -8.8% |
| 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 | 2023-06-04 | [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% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2023-09-12/opec-oil-data-show-3-million-barrel-supply-shortfall-as-saudis-extend-cuts

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