# Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times

> Saudi Arabia announced cuts to its oil production, the world's biggest exporter, to support prices. The move followed negotiations that revealed tensions within OPEC over adjusting the cartel's production quotas.

- Date: 2023-06-05 · published 2023-06-05T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A unilateral Saudi output cut removes barrels from the global market and lifts crude prices. Higher energy costs raise the price of biofuel feedstocks and freight, supporting feed commodity values.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-04-03 | [Oil Prices Jump After Surprise OPEC Production Cut - The New York Times](https://feedsoft.ai/events/7948-oil-prices-jump-after-surprise-opec-production-cut-the-new-york-times.md) | +5.4% | -0.0% |
| 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 | 2021-01-05 | [Saudi Arabia to Cut Oil Production Sharply in Bid to Lift Prices - WSJ](https://feedsoft.ai/events/49053-saudi-arabia-to-cut-oil-production-sharply-in-bid-to-lift-prices-wsj.md) | +9.8% | +15.2% |
| 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 | 2022-10-05 | [OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times](https://feedsoft.ai/events/39061-opec-agrees-to-cut-oil-production-to-boost-sliding-prices-los-angeles-times.md) | +3.3% | +1.9% |
| BRENT | 2023-04-03 | [Oil Prices Jump After Surprise OPEC Production Cut - The New York Times](https://feedsoft.ai/events/7948-oil-prices-jump-after-surprise-opec-production-cut-the-new-york-times.md) | +7.4% | +1.0% |
| BRENT | 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) | -7.2% | +3.3% |
| BRENT | 2021-01-05 | [Saudi Arabia to Cut Oil Production Sharply in Bid to Lift Prices - WSJ](https://feedsoft.ai/events/49053-saudi-arabia-to-cut-oil-production-sharply-in-bid-to-lift-prices-wsj.md) | +8.9% | +11.2% |

## Sources

- nytimes.com: https://www.nytimes.com/2023/06/05/business/dealbook/saudi-arabia-opec-oil-prices.html

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