# Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024

> OPEC+ agreed on Sunday to extend its existing supply cuts of 3.66 million bpd into 2024. The group also set overall production targets from January 2024 about 1.4 million bpd lower, to a combined 40.46 million bpd. Saudi Arabia pledged a further 1 million bpd cut in July.

- Date: 2023-06-04 · published 2023-06-04T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/35396-saudi-pledges-big-oil-cuts-in-july-as-opec-extends-deal-into-2024
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Tighter OPEC+ output removes a large volume of supply from the market, which supports crude prices. Crude costs feed into diesel, fertiliser and freight, so higher oil prices raise feed production and transport costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-06-04 | [Opec+ to extend cuts in oil output into 2024 as prices flag \| Opec \| The Guardian](https://feedsoft.ai/events/35401-opec-to-extend-cuts-in-oil-output-into-2024-as-prices-flag-opec-the-guardian.md) | -2.2% | -2.8% |
| WTI | 2017-11-01 | [Saudi Crown Prince Backs Extending OPEC Cuts Into 2018](https://feedsoft.ai/events/68376-saudi-crown-prince-backs-extending-opec-cuts-into-2018.md) | +5.2% | +5.3% |
| WTI | 2025-01-01 | [OPEC+ delays oil output hike until April, extends cuts into 2026](https://feedsoft.ai/events/26869-opec-delays-oil-output-hike-until-april-extends-cuts-into-2026.md) | +2.2% | +1.1% |
| WTI | 2024-02-05 | [OPEC+ to decide on extending oil production cuts into Q2 2024 in March](https://feedsoft.ai/events/31564-opec-to-decide-on-extending-oil-production-cuts-into-q2-2024-in-march.md) | +6.3% | +9.4% |
| WTI | 2019-04-01 | [Saudi Arabia to Extend Deep Oil Output Cuts Into April](https://feedsoft.ai/events/60021-saudi-arabia-to-extend-deep-oil-output-cuts-into-april.md) | +4.9% | +5.4% |
| BRENT | 2023-06-04 | [Opec+ to extend cuts in oil output into 2024 as prices flag \| Opec \| The Guardian](https://feedsoft.ai/events/35401-opec-to-extend-cuts-in-oil-output-into-2024-as-prices-flag-opec-the-guardian.md) | -1.7% | -1.8% |
| BRENT | 2017-11-01 | [Saudi Crown Prince Backs Extending OPEC Cuts Into 2018](https://feedsoft.ai/events/68376-saudi-crown-prince-backs-extending-opec-cuts-into-2018.md) | +4.3% | +3.6% |
| BRENT | 2025-01-01 | [OPEC+ delays oil output hike until April, extends cuts into 2026](https://feedsoft.ai/events/26869-opec-delays-oil-output-hike-until-april-extends-cuts-into-2026.md) | +2.9% | +2.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-meets-debate-production-quotas-new-cut-sources-2023-06-04/

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