# OPEC+ Latest: Saudis Unveil Extra 1 Million Barrel Cut - Bloomberg

> Saudi Arabia will make an additional voluntary cut of 1 million barrels of oil a day as part of an OPEC+ deal. The agreement was reached after hours of tense negotiations and also extends voluntary cuts through 2024.

- Date: 2023-06-04 · published 2023-06-04T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/35398-opec-latest-saudis-unveil-extra-1-million-barrel-cut-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A 1 million bpd unilateral cut tightens near-term supply and supports crude prices. Higher crude feeds into diesel and energy costs across the feed supply chain.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-10-04 | [Oil Supply: Saudis to Stick With 1 Million-Barrel A Day Cut - Bloomberg](https://feedsoft.ai/events/33521-oil-supply-saudis-to-stick-with-1-million-barrel-a-day-cut-bloomberg.md) | -3.7% | -8.8% |
| WTI | 2023-04-02 | [OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg](https://feedsoft.ai/events/36323-opec-makes-surprise-1-million-barrel-oil-production-cut-bloomberg.md) | +5.4% | -0.0% |
| WTI | 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) | +4.8% | -3.8% |
| WTI | 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) | -11.0% | -7.4% |
| 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% |
| BRENT | 2023-10-04 | [Oil Supply: Saudis to Stick With 1 Million-Barrel A Day Cut - Bloomberg](https://feedsoft.ai/events/33521-oil-supply-saudis-to-stick-with-1-million-barrel-a-day-cut-bloomberg.md) | -3.8% | -6.0% |
| BRENT | 2023-04-02 | [OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg](https://feedsoft.ai/events/36323-opec-makes-surprise-1-million-barrel-oil-production-cut-bloomberg.md) | +7.4% | +1.0% |
| 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% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2023-06-04/opec-latest-fight-over-african-members-hangs-over-talks

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