# Oil producers' cuts could boost gasoline prices, help Russia | AP News

> Oil producers, many in OPEC, announced production cuts of more than 1 million barrels per day after international crude prices had slumped on a slowing global economy. The cuts add to an earlier 2 million barrel per day reduction. The article says the move could lift gasoline prices and benefit Russia.

- Date: 2023-04-03 · published 2023-04-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/36325-oil-producers-cuts-could-boost-gasoline-prices-help-russia-ap-news
- 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

The reduction tightens crude supply and is expected to push up gasoline and diesel prices. Higher fuel costs add to the expense of transporting feed ingredients and finished feed.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-06-05 | [Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times](https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times.md) | -1.7% | -1.8% |
| BRENT | 2022-02-02 | [Caution from OPEC+ producers to keep oil prices high \| AP News](https://feedsoft.ai/events/42630-caution-from-opec-producers-to-keep-oil-prices-high-ap-news.md) | +4.1% | +20.3% |
| BRENT | 2018-12-07 | [Oil producers join forces and cut production again \| AP News](https://feedsoft.ai/events/10626-oil-producers-join-forces-and-cut-production-again-ap-news.md) | +2.2% | -2.9% |
| BRENT | 2019-02-13 | ['Shock and Awe' OPEC Oil Cuts Boost Prices](https://feedsoft.ai/events/60762-shock-and-awe-opec-oil-cuts-boost-prices.md) | +5.8% | +5.6% |
| BRENT | 2023-07-03 | [Saudi Arabia, Russia deepen oil cuts, sending prices higher](https://feedsoft.ai/events/35201-saudi-arabia-russia-deepen-oil-cuts-sending-prices-higher.md) | +5.2% | +13.4% |
| WTI | 2023-06-05 | [Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times](https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times.md) | -2.2% | -2.8% |
| WTI | 2022-02-02 | [Caution from OPEC+ producers to keep oil prices high \| AP News](https://feedsoft.ai/events/42630-caution-from-opec-producers-to-keep-oil-prices-high-ap-news.md) | +1.3% | +25.5% |
| WTI | 2018-12-07 | [Oil producers join forces and cut production again \| AP News](https://feedsoft.ai/events/10626-oil-producers-join-forces-and-cut-production-again-ap-news.md) | +2.2% | -6.2% |

## Sources

- apnews.com: https://apnews.com/article/opec-oil-supply-gasoline-prices-saudi-russia-27e7b8785ff6fa3ca5df590d64cedb57

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