# OPEC+ cuts to tighten oil market sharply in fourth quarter, IEA says | Reuters

> The IEA says output cuts extended by Saudi Arabia and Russia through the end of 2023 will create a substantial market deficit in the fourth quarter. The agency left its demand growth estimates largely unchanged. Brent has breached $90 a barrel for the first time this year.

- Date: 2023-09-13 · published 2023-09-13T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34016-opec-cuts-to-tighten-oil-market-sharply-in-fourth-quarter-iea-says-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

An IEA forecast of a sharp Q4 deficit supports firmer crude prices, which raise diesel and transport costs for feed and grain logistics. Stronger energy prices can also support biofuel feedstock demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -0.4% | +8.7% |
| BRENT | 2017-01-19 | [IEA: OPEC output cuts under scrutiny as market tightens](https://feedsoft.ai/events/72916-iea-opec-output-cuts-under-scrutiny-as-market-tightens.md) | +1.6% | +2.4% |
| BRENT | 2024-03-14 | [Oil prices climb as revised IEA outlook signals tighter market \| Reuters](https://feedsoft.ai/events/31368-oil-prices-climb-as-revised-iea-outlook-signals-tighter-market-reuters.md) | +2.2% | +7.9% |
| BRENT | 2017-07-01 | [Global oil markets expected to tighten in third quarter 2017, then loosen through 2018](https://feedsoft.ai/events/70655-global-oil-markets-expected-to-tighten-in-third-quarter-2017-then-loosen.md) | -1.9% | +10.0% |
| BRENT | 2019-11-18 | [IEA: Oil demand growth to accelerate in 2019 fourth quarter \| Oil & Gas Journal](https://feedsoft.ai/events/56232-iea-oil-demand-growth-to-accelerate-in-2019-fourth-quarter-oil-and-gas-journal.md) | +1.3% | +4.8% |
| WTI | 2021-08-31 | [OPEC+ sees tighter oil market until May 2022 \| Reuters](https://feedsoft.ai/events/45471-opec-sees-tighter-oil-market-until-may-2022-reuters.md) | -1.2% | +8.9% |
| WTI | 2017-01-19 | [IEA: OPEC output cuts under scrutiny as market tightens](https://feedsoft.ai/events/72916-iea-opec-output-cuts-under-scrutiny-as-market-tightens.md) | +2.4% | +3.9% |
| WTI | 2024-03-14 | [Oil prices climb as revised IEA outlook signals tighter market \| Reuters](https://feedsoft.ai/events/31368-oil-prices-climb-as-revised-iea-outlook-signals-tighter-market-reuters.md) | +2.6% | +6.4% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-cuts-tighten-oil-market-sharply-fourth-quarter-says-iea-2023-09-13/

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