# Why are OPEC+ supply cuts failing to boost oil prices?

> Oil prices have not risen as much as expected despite OPEC+ supply cuts. Analysts point to weak Chinese demand after the COVID reopening and the threat of further interest rate hikes by central banks.

- Date: 2023-07-04 · published 2023-07-04T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/34941-why-are-opec-supply-cuts-failing-to-boost-oil-prices
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Weak demand expectations cap crude prices even when producers cut output, which keeps energy and fuel input costs contained for feed buyers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-10-06 | [Why are oil prices suddenly dropping?](https://feedsoft.ai/events/7364-why-are-oil-prices-suddenly-dropping.md) | +1.2% | +2.1% |
| BRENT | 2025-01-26 | [Oil Drops As Trump Urges OPEC To Cut Prices](https://feedsoft.ai/events/26667-oil-drops-as-trump-urges-opec-to-cut-prices.md) | -2.1% | -5.0% |
| BRENT | 2017-07-21 | [Oil prices sink on a report OPEC supply will rise in July](https://feedsoft.ai/events/70144-oil-prices-sink-on-a-report-opec-supply-will-rise-in-july.md) | +4.4% | +3.6% |
| BRENT | 2025-09-29 | [Oil falls on concerns another OPEC+ supply boost will swell glut - CNBC TV18](https://feedsoft.ai/events/23038-oil-falls-on-concerns-another-opec-supply-boost-will-swell-glut-cnbc-tv18.md) | -7.5% | -6.8% |
| BRENT | 2024-09-18 | [Crude oil prices today: WTI, Brent lower as Fed cuts rates](https://feedsoft.ai/events/28216-crude-oil-prices-today-wti-brent-lower-as-fed-cuts-rates.md) | +1.5% | -0.2% |
| WTI | 2023-10-06 | [Why are oil prices suddenly dropping?](https://feedsoft.ai/events/7364-why-are-oil-prices-suddenly-dropping.md) | +0.7% | +0.7% |
| WTI | 2025-01-26 | [Oil Drops As Trump Urges OPEC To Cut Prices](https://feedsoft.ai/events/26667-oil-drops-as-trump-urges-opec-to-cut-prices.md) | -2.8% | -5.2% |
| WTI | 2017-03-21 | [Is OPEC Losing Its Ability to Influence Oil Prices?](https://feedsoft.ai/events/71904-is-opec-losing-its-ability-to-influence-oil-prices.md) | -1.4% | +9.4% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/why-are-opec-supply-cuts-failing-boost-oil-prices-2023-07-04/

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