# Oil rises as Saudi comments outweigh recession concerns

> Oil rose after Saudi Arabia said OPEC+ was sticking with its output cuts and could take further steps to balance the market. Saudi Arabia and the UAE also denied a Wall Street Journal report that OPEC was considering a supply increase, which had sent prices down more than 5%. Brent and WTI were both up about 1%.

- Date: 2022-11-22 · published 2022-11-22T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/38847-oil-rises-as-saudi-comments-outweigh-recession-concerns
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Confirmed OPEC+ supply restraint supports diesel and energy costs for feed mills and transport, and a possible EU ban on Russian crude adds to supply tightness.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-02-01 | [Oil Prices Rise As Saudis Pledge Deeper Cuts](https://feedsoft.ai/events/61264-oil-prices-rise-as-saudis-pledge-deeper-cuts.md) | -1.4% | +5.4% |
| BRENT | 2023-06-04 | [Oil rises on Saudi plan to deepen output cuts from July \| Reuters](https://feedsoft.ai/events/35654-oil-rises-on-saudi-plan-to-deepen-output-cuts-from-july-reuters.md) | -1.7% | -1.8% |
| BRENT | 2022-11-30 | [Crude Oil Prices Rise On Concerns OPEC+ Could Keep Oil Output Policy Unchanged](https://feedsoft.ai/events/38850-crude-oil-prices-rise-on-concerns-opec-could-keep-oil-output-policy-unchanged.md) | -4.2% | -0.8% |
| BRENT | 2019-09-09 | [Oil Rises as New Saudi Minister Signals OPEC+ Cuts to Continue - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/57248-oil-rises-as-new-saudi-minister-signals-opec-cuts-to-continue-energy-news-top.md) | -1.1% | -4.3% |
| BRENT | 2017-09-22 | [Oil rises nearly 1 percent as OPEC defers extension of output cuts](https://feedsoft.ai/events/69123-oil-rises-nearly-1-percent-as-opec-defers-extension-of-output-cuts.md) | +1.8% | +0.8% |
| WTI | 2019-02-01 | [Oil Prices Rise As Saudis Pledge Deeper Cuts](https://feedsoft.ai/events/61264-oil-prices-rise-as-saudis-pledge-deeper-cuts.md) | -2.1% | +6.3% |
| WTI | 2023-06-04 | [Oil rises on Saudi plan to deepen output cuts from July \| Reuters](https://feedsoft.ai/events/35654-oil-rises-on-saudi-plan-to-deepen-output-cuts-from-july-reuters.md) | -2.2% | -2.8% |
| WTI | 2022-04-29 | [Oil prices reverse late in session as heating oil contract plunges](https://feedsoft.ai/events/41753-oil-prices-reverse-late-in-session-as-heating-oil-contract-plunges.md) | +2.6% | +9.5% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/11/22/oil-markets-saudi-arabia-supply-opec-production.html

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