# OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence

> Saudi Energy Minister Prince Abdulaziz bin Salman told Energy Intelligence that OPEC+ will keep the production cuts agreed in October in place until year-end. He cited uncertainty in the global economy as the reason for the cautious approach.

- Date: 2023-03-14 · published 2023-03-14T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/36768-opec-to-stick-to-production-cut-saudi-minister-tells-energy-intelligence
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A firm commitment to sustained cuts tightens expected crude supply, supporting energy prices that influence biofuel margins and feed input costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-03-14 | [Q&A: Saudi Energy Minister Highlights Oil Market Risks \| Energy Intelligence](https://feedsoft.ai/events/36773-q-and-a-saudi-energy-minister-highlights-oil-market-risks-energy-intelligence.md) | -8.9% | +7.8% |
| BRENT | 2020-08-21 | [Opec-Plus Laggards Agree to Extra Cuts \| Energy Intelligence](https://feedsoft.ai/events/51539-opec-plus-laggards-agree-to-extra-cuts-energy-intelligence.md) | +0.5% | -4.3% |
| BRENT | 2023-08-04 | [OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut](https://feedsoft.ai/events/34492-opec-sticks-to-oil-output-policy-as-saudi-extends-voluntary-production-cut.md) | +1.5% | +1.6% |
| BRENT | 2019-09-10 | [Iraq will cut oil production, comply with OPEC this month: Minister](https://feedsoft.ai/events/57008-iraq-will-cut-oil-production-comply-with-opec-this-month-minister.md) | +8.6% | -6.9% |
| BRENT | 2023-02-01 | [OPEC+ agrees to stick to current production scheme](https://feedsoft.ai/events/37223-opec-agrees-to-stick-to-current-production-scheme.md) | -0.8% | -0.5% |
| WTI | 2023-03-14 | [Q&A: Saudi Energy Minister Highlights Oil Market Risks \| Energy Intelligence](https://feedsoft.ai/events/36773-q-and-a-saudi-energy-minister-highlights-oil-market-risks-energy-intelligence.md) | -9.5% | +9.1% |
| WTI | 2020-08-21 | [Opec-Plus Laggards Agree to Extra Cuts \| Energy Intelligence](https://feedsoft.ai/events/51539-opec-plus-laggards-agree-to-extra-cuts-energy-intelligence.md) | +0.8% | -3.5% |
| WTI | 2023-08-04 | [OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut](https://feedsoft.ai/events/34492-opec-sticks-to-oil-output-policy-as-saudi-extends-voluntary-production-cut.md) | +1.5% | +2.5% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-stick-production-cut-saudi-minister-tells-energy-intelligence-2023-03-14/

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