# The Commodities Feed: Saudi and Russian oil cuts | articles | ING THINK

> Brent settled above $90 a barrel for the first time since November after Saudi Arabia extended its 1 million barrel per day voluntary supply cut through year-end. Russia also extended its 300,000 barrel per day export cut through year-end.

- Date: 2023-09-06 · published 2023-09-06T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34067-the-commodities-feed-saudi-and-russian-oil-cuts-articles-ing-think
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher crude prices raise energy and freight costs for feed production and transport, and they support biofuel feedstock economics, including soybean oil and palm oil.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-12-02 | [The Commodities Feed: OPEC+ weekend \| articles \| ING THINK](https://feedsoft.ai/events/9751-the-commodities-feed-opec-weekend-articles-ing-think.md) | -12.1% | -2.6% |
| BRENT | 2024-06-03 | [OPEC+ extends cuts \| articles \| ING THINK](https://feedsoft.ai/events/29657-opec-extends-cuts-articles-ing-think.md) | -2.0% | +7.9% |
| BRENT | 2023-12-01 | [Deeper OPEC+ supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think.md) | -9.9% | -6.0% |
| BRENT | 2023-06-05 | [Saudi Arabia's 'icing on the cake' oil cut could feed US producers](https://feedsoft.ai/events/35400-saudi-arabia-s-icing-on-the-cake-oil-cut-could-feed-us-producers.md) | -1.7% | -1.8% |
| BRENT | 2023-12-01 | [OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts \| Euronews](https://feedsoft.ai/events/32491-opec-meeting-russia-and-saudi-arabia-extend-oil-output-cuts-euronews.md) | -9.9% | -6.0% |
| WTI | 2022-12-02 | [The Commodities Feed: OPEC+ weekend \| articles \| ING THINK](https://feedsoft.ai/events/9751-the-commodities-feed-opec-weekend-articles-ing-think.md) | -12.0% | -1.1% |
| WTI | 2024-06-03 | [OPEC+ extends cuts \| articles \| ING THINK](https://feedsoft.ai/events/29657-opec-extends-cuts-articles-ing-think.md) | -1.9% | +8.5% |
| WTI | 2023-12-01 | [Deeper OPEC+ supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think.md) | -8.8% | -5.2% |

## Sources

- think.ing.com: https://think.ing.com/articles/the-commodities-feed-saudi-and-russian-oil-cuts-060923/

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