# OPEC+ announces surprise oil output cuts

> Saudi Arabia and other OPEC+ producers announced additional voluntary oil output cuts of about 1.16 million barrels per day, starting in May. The surprise move brings total OPEC+ cuts to about 3.66 million bpd, or 3.7% of global demand. The United States called the move inadvisable.

- Date: 2023-05-01 · published 2023-05-01T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/36320-opec-announces-surprise-oil-output-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A cut of this size removes a large share of supply from a market already facing tight conditions, pushing crude and refined product prices higher. Higher crude costs also feed through to diesel, freight and feed production costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-04-02 | [Oil prices surge after surprise move to cut output](https://feedsoft.ai/events/7947-oil-prices-surge-after-surprise-move-to-cut-output.md) | +7.4% | +1.0% |
| BRENT | 2023-11-30 | [Instant view: OPEC+ announces voluntary oil output cuts \| Reuters](https://feedsoft.ai/events/33083-instant-view-opec-announces-voluntary-oil-output-cuts-reuters.md) | -10.5% | -5.2% |
| BRENT | 2022-08-26 | [Oil prices rise on signals OPEC might cut output](https://feedsoft.ai/events/40228-oil-prices-rise-on-signals-opec-might-cut-output.md) | -6.8% | -8.7% |
| BRENT | 2019-11-21 | [Oil Prices Surge as OPEC Looks to Cut Output \| INN](https://feedsoft.ai/events/56233-oil-prices-surge-as-opec-looks-to-cut-output-inn.md) | +2.3% | +7.2% |
| BRENT | 2023-11-30 | [Oil prices swing as OPEC+ agrees on additional output cuts](https://feedsoft.ai/events/33335-oil-prices-swing-as-opec-agrees-on-additional-output-cuts.md) | -10.5% | -5.2% |
| WTI | 2023-04-02 | [Oil prices surge after surprise move to cut output](https://feedsoft.ai/events/7947-oil-prices-surge-after-surprise-move-to-cut-output.md) | +5.4% | -0.0% |
| WTI | 2023-11-30 | [Instant view: OPEC+ announces voluntary oil output cuts \| Reuters](https://feedsoft.ai/events/33083-instant-view-opec-announces-voluntary-oil-output-cuts-reuters.md) | -11.0% | -7.4% |
| WTI | 2022-08-26 | [Oil prices rise on signals OPEC might cut output](https://feedsoft.ai/events/40228-oil-prices-rise-on-signals-opec-might-cut-output.md) | -6.6% | -15.2% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/sarabia-other-opec-producers-announce-voluntary-oil-output-cuts-2023-04-02/

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