# Saudi Arabia, UAE and allies announce surprise oil production cuts | The National

> Saudi Arabia, the UAE, Iraq, Kuwait, Oman and Algeria announced voluntary oil output cuts exceeding 1 million barrels per day from May to the end of 2023. Saudi Arabia will cut 500,000 bpd and the UAE 144,000 bpd. The cuts are described as a precautionary measure to support market stability.

- Date: 2023-04-02 · published 2023-04-02T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/36326-saudi-arabia-uae-and-allies-announce-surprise-oil-production-cuts-the-national
- 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 voluntary cuts from major exporters remove significant supply, supporting crude and refined product prices. Higher energy costs increase operating and freight expenses for feed buyers.

## 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 | 2024-03-04 | [Saudi Arabia and the UAE among Opec+ members extending oil output cuts \| The National](https://feedsoft.ai/events/31114-saudi-arabia-and-the-uae-among-opec-members-extending-oil-output-cuts-the.md) | -1.2% | +3.1% |
| BRENT | 2019-12-06 | [OPEC: Saudi Arabia and Russia impose deeper oil production cuts](https://feedsoft.ai/events/55491-opec-saudi-arabia-and-russia-impose-deeper-oil-production-cuts.md) | +1.4% | +7.8% |
| BRENT | 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) | +2.0% | +1.7% |
| BRENT | 2023-04-03 | [What to know about Saudi Arabia's stunning oil production cuts : NPR](https://feedsoft.ai/events/7950-what-to-know-about-saudi-arabia-s-stunning-oil-production-cuts-npr.md) | +7.4% | +1.0% |
| 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 | 2024-03-04 | [Saudi Arabia and the UAE among Opec+ members extending oil output cuts \| The National](https://feedsoft.ai/events/31114-saudi-arabia-and-the-uae-among-opec-members-extending-oil-output-cuts-the.md) | -2.4% | +4.6% |
| WTI | 2019-12-06 | [OPEC: Saudi Arabia and Russia impose deeper oil production cuts](https://feedsoft.ai/events/55491-opec-saudi-arabia-and-russia-impose-deeper-oil-production-cuts.md) | +1.3% | +7.9% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/2023/04/02/saudi-arabia-uae-and-allies-announce-surprise-oil-production-cuts/

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