# Oil prices spike as Saudi Arabia, Russia extend 1.3 million barrel a day oil cut through December

> Saudi Arabia and Russia agreed to extend their voluntary oil production cuts of 1.3 million barrels per day through the end of 2023. The move removes crude from the global market and lifted energy prices. The article reports the resulting price spike.

- Date: 2023-10-01 · published 2023-10-01T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/34020-oil-prices-spike-as-saudi-arabia-russia-extend-1-3-million-barrel-a-day-oil-cut
- 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 1.3 million barrel per day cut extension tightens global crude supply and raises fuel and transport costs for feed buyers. Higher energy prices can also lift biofuel and vegetable oil values.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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% |
| 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 | [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 | 2023-09-12 | [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 | 2023-09-05 | [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% |
| WTI | 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) | +2.1% | +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 | 2023-09-05 | [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% |

## Sources

- apnews.com: https://apnews.com/article/saudi-arabia-oil-production-cut-opec-2d6f724e899f31e92d4bdf052921125c

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