# OPEC+ cuts put $100/bbl oil back in sight

> Brent crude fell back toward $100 a barrel after OPEC+ members announced voluntary output cuts earlier in the week. Traders were watching for a US response and were pricing in hopes of US-Iran diplomacy and a partial recovery in Saudi exports.

- Date: 2023-04-03 · published 2023-04-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/36571-opec-cuts-put-100-bbl-oil-back-in-sight
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher crude raises the cost of diesel and fertilizer and supports vegetable oil and biofuel demand, which can lift soyoil and palm oil prices. Diplomacy-driven dips would ease that support, so the net effect on feed inputs depends on how the supply cut holds.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +1.5% | +6.0% |
| BRENT | 2023-05-30 | [Explainer-Why is OPEC+ cutting oil output?](https://feedsoft.ai/events/35859-explainer-why-is-opec-cutting-oil-output.md) | +0.0% | -3.4% |
| BRENT | 2023-11-30 | [OPEC+ opts for 'voluntary cuts' in oil production, invites Brazil to join - EFE](https://feedsoft.ai/events/33088-opec-opts-for-voluntary-cuts-in-oil-production-invites-brazil-to-join-efe.md) | -10.5% | -5.2% |
| BRENT | 2017-06-02 | [Saudis: OPEC May Discuss Deeper Cuts In November \| OilPrice.com](https://feedsoft.ai/events/70395-saudis-opec-may-discuss-deeper-cuts-in-november-oilprice-com.md) | -6.5% | -6.3% |
| BRENT | 2020-02-06 | [Russia drags its feet on deeper oil output cuts sought by OPEC+ \| Coronavirus pandemic \| Al Jazeera](https://feedsoft.ai/events/54531-russia-drags-its-feet-on-deeper-oil-output-cuts-sought-by-opec-coronavirus.md) | +0.6% | -6.9% |
| WTI | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +0.7% | +3.7% |
| WTI | 2023-05-30 | [Explainer-Why is OPEC+ cutting oil output?](https://feedsoft.ai/events/35859-explainer-why-is-opec-cutting-oil-output.md) | -0.4% | -6.6% |
| WTI | 2023-11-30 | [OPEC+ opts for 'voluntary cuts' in oil production, invites Brazil to join - EFE](https://feedsoft.ai/events/33088-opec-opts-for-voluntary-cuts-in-oil-production-invites-brazil-to-join-efe.md) | -11.0% | -7.4% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-cuts-tighten-mideast-crude-supply-asia-europe-cut-refiners-profits-2023-04-03/

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