# Crude Rallies on Report Russia Will Extend Its Export Cuts

> Crude oil rose on a Bloomberg report that Russia will agree with OPEC+ on further oil export cuts into October. Russia had already announced a 300,000 bpd output cut for September. Offsetting factors included a rise in Iranian exports to a 5-year high and progress in Iran-U.S. relations.

- Date: 2023-08-31 · published 2023-08-31T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34757-crude-rallies-on-report-russia-will-extend-its-export-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Extended Russian export cuts remove barrels from the market and support crude prices, though rising Iranian supply limits the upside.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-07-02 | [OPEC, Russia Agree To Extend Oil Output Cuts Into 2020](https://feedsoft.ai/events/58009-opec-russia-agree-to-extend-oil-output-cuts-into-2020.md) | -2.2% | -1.6% |
| 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% |
| WTI | 2017-12-01 | [World’s crude oil producers extend cuts on output through 2018](https://feedsoft.ai/events/67411-world-s-crude-oil-producers-extend-cuts-on-output-through-2018.md) | -1.5% | +5.3% |
| WTI | 2020-06-06 | [OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times](https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times.md) | -8.3% | +2.6% |
| WTI | 2020-07-01 | [Opec and allies extend oil production cuts to end of July](https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july.md) | +4.2% | +4.9% |
| BRENT | 2019-07-02 | [OPEC, Russia Agree To Extend Oil Output Cuts Into 2020](https://feedsoft.ai/events/58009-opec-russia-agree-to-extend-oil-output-cuts-into-2020.md) | -0.9% | -3.2% |
| 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 | 2017-12-01 | [World’s crude oil producers extend cuts on output through 2018](https://feedsoft.ai/events/67411-world-s-crude-oil-producers-extend-cuts-on-output-through-2018.md) | -2.0% | +4.9% |

## Sources

- barchart.com: https://www.barchart.com/story/news/19875598/crude-rallies-on-report-russia-will-extend-its-export-cuts

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