# OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg

> OPEC+ announced a surprise cut of about 1 million barrels per day, and oil futures rose as much as 8% in New York on Monday. Gasoline also gained. The article notes the cut came in a market where supply was expected to be tight later in the year.

- Date: 2023-04-02 · published 2023-04-02T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/36323-opec-makes-surprise-1-million-barrel-oil-production-cut-bloomberg
- 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 tighter crude market lifts fuel costs and adds to inflation pressure, which may keep interest rates higher. Higher energy costs raise the cost of running feed mills, farms and transport.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-06-04 | [OPEC+ Latest: Saudis Unveil Extra 1 Million Barrel Cut - Bloomberg](https://feedsoft.ai/events/35398-opec-latest-saudis-unveil-extra-1-million-barrel-cut-bloomberg.md) | -1.7% | -1.8% |
| BRENT | 2022-09-05 | [Oil: OPEC+ surprises energy markets with a small production cut](https://feedsoft.ai/events/39517-oil-opec-surprises-energy-markets-with-a-small-production-cut.md) | -0.9% | -5.0% |
| 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 | 2023-04-03 | [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 | 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% |
| WTI | 2023-06-04 | [OPEC+ Latest: Saudis Unveil Extra 1 Million Barrel Cut - Bloomberg](https://feedsoft.ai/events/35398-opec-latest-saudis-unveil-extra-1-million-barrel-cut-bloomberg.md) | -2.2% | -2.8% |
| WTI | 2022-09-05 | [Oil: OPEC+ surprises energy markets with a small production cut](https://feedsoft.ai/events/39517-oil-opec-surprises-energy-markets-with-a-small-production-cut.md) | +1.0% | -3.7% |
| 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% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2023-04-02/saudi-arabia-makes-surprise-500-000-barrels-a-day-oil-output-cut

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