# Saudi Arabia to extend voluntary cut of 1 million barrels per day until the end of the year

> Saudi Arabia extended its 1 million barrel per day voluntary crude cut through the end of 2023, keeping output near 9 million barrels per day for October to December. The cut will be reviewed monthly and adds to other voluntary OPEC cuts running to end-2024. Oil prices edged up on the news.

- Date: 2023-09-05 · published 2023-09-05T12:00:00.000Z
- Category: policy · region Saudi Arabia · magnitude high
- Page: https://feedsoft.ai/events/34018-saudi-arabia-to-extend-voluntary-cut-of-1-million-barrels-per-day-until-the-end
- 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

Removing roughly 1 million barrels a day from the market tightens crude supply and supports higher fuel and energy costs. That raises diesel and transport expenses for feed and grain movement.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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% |
| BRENT | 2023-09-05 | [Saudi Arabia, Russia extend oil production cuts to end of year](https://feedsoft.ai/events/34026-saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year.md) | +2.0% | +1.7% |
| BRENT | 2023-11-30 | [Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy](https://feedsoft.ai/events/33084-riyadh-to-extend-1-million-barrel-per-day-cut-as-opec-holds-policy.md) | -10.5% | -5.2% |
| BRENT | 2023-08-01 | [Saudi Arabia expected to extend voluntary oil cut for September, analysts say](https://feedsoft.ai/events/34943-saudi-arabia-expected-to-extend-voluntary-oil-cut-for-september-analysts-say.md) | +0.6% | -0.6% |
| 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 | 2023-09-05 | [Saudi Arabia, Russia extend oil production cuts to end of year](https://feedsoft.ai/events/34026-saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year.md) | +2.1% | +3.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2023/09/05/saudi-arabia-to-extend-voluntary-cut-of-1-million-barrels-per-day-until-the-end-of-the-year.html

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