# Oil market has absorbed surprise production cut by OPEC+

> Oil prices had absorbed OPEC+'s surprise production cut, trading at about $81 a barrel on April 25 after reaching a high of $87. Prices have since come under pressure from concerns about slowing growth and rising interest rates.

- Date: 2023-04-27 · published 2023-04-27T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/36572-oil-market-has-absorbed-surprise-production-cut-by-opec
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

With the supply shock priced in, crude is now driven more by demand and rates, which weighs on biofuel margins and on soyoil and palm oil support. Lower energy costs also ease diesel and freight expenses for feed producers.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-11-28 | [OPEC+ confirms plan to pause production hikes in early 2026 amid surplus concerns](https://feedsoft.ai/events/21874-opec-confirms-plan-to-pause-production-hikes-in-early-2026-amid-surplus-concerns.md) | +0.1% | -2.4% |
| BRENT | 2020-10-12 | [Oil falls nearly 3% as production comes back online](https://feedsoft.ai/events/50803-oil-falls-nearly-3-as-production-comes-back-online.md) | -0.3% | -8.2% |
| BRENT | 2025-01-26 | [Oil Drops As Trump Urges OPEC To Cut Prices](https://feedsoft.ai/events/26667-oil-drops-as-trump-urges-opec-to-cut-prices.md) | -2.1% | -5.0% |
| BRENT | 2025-04-04 | [Oil falls to near 4-year low amid recession fears, OPEC+ production hikes](https://feedsoft.ai/events/7295-oil-falls-to-near-4-year-low-amid-recession-fears-opec-production-hikes.md) | -9.8% | -13.9% |
| BRENT | 2018-12-24 | [Plunging oil prices show the market is worried about 2019 recession](https://feedsoft.ai/events/8701-plunging-oil-prices-show-the-market-is-worried-about-2019-recession.md) | -1.3% | +15.8% |
| WTI | 2025-11-28 | [OPEC+ confirms plan to pause production hikes in early 2026 amid surplus concerns](https://feedsoft.ai/events/21874-opec-confirms-plan-to-pause-production-hikes-in-early-2026-amid-surplus-concerns.md) | +1.7% | -3.6% |
| WTI | 2020-10-12 | [Oil falls nearly 3% as production comes back online](https://feedsoft.ai/events/50803-oil-falls-nearly-3-as-production-comes-back-online.md) | +0.7% | -8.6% |
| WTI | 2025-01-26 | [Oil Drops As Trump Urges OPEC To Cut Prices](https://feedsoft.ai/events/26667-oil-drops-as-trump-urges-opec-to-cut-prices.md) | -2.8% | -5.2% |

## Sources

- reuters.com: https://www.reuters.com/markets/europe/oil-market-has-absorbed-surprise-production-cut-by-opec-2023-04-26/

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