# Saudi Arabia extends 1 million barrel-per-day oil cut, may deepen it in future | Reuters

> Saudi Arabia extended its 1 million bpd voluntary oil output cut into September and said it could extend or deepen the reduction. The move followed a July rally of more than 14% in crude prices.

- Date: 2023-08-03 · published 2023-08-03T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/34491-saudi-arabia-extends-1-million-barrel-per-day-oil-cut-may-deepen-it-in-future
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A deeper or longer Saudi cut removes meaningful barrels from the market, supporting crude prices and the energy-linked costs of feed production and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 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 | 2023-09-05 | [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 | 2023-09-12 | [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 | 2023-11-30 | [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% |
| 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 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% |
| 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% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/saudi-arabia-will-extend-voluntary-1-mln-bpd-oil-cut-through-sept-spa-2023-08-03/

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