# OPEC Says Supply Surplus Was Main Reason for Oil Production Cut - Bloomberg

> OPEC's secretary-general said the main reason for the early-October production cut was an expected oil supply surplus in the fourth quarter and early 2023. He cited uncertainty around economic growth forecasts.

- Date: 2022-10-31 · published 2022-10-31T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/39056-opec-says-supply-surplus-was-main-reason-for-oil-production-cut-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The cut was justified by a surplus outlook, which signals that the group expects demand to weaken. This limits how much upside the cut can add to crude prices.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2026-06-08 | [Opec+ raises July oil production quotas amid supply concerns \| Malay Mail](https://feedsoft.ai/events/18720-opec-raises-july-oil-production-quotas-amid-supply-concerns-malay-mail.md) | -6.1% | -25.6% |
| WTI | 2023-11-30 | [OPEC+ Production Cuts Fail to Convince Oil Traders Amid Lack of Detail - Bloomberg](https://feedsoft.ai/events/33085-opec-production-cuts-fail-to-convince-oil-traders-amid-lack-of-detail-bloomberg.md) | -11.0% | -7.4% |
| WTI | 2023-03-16 | [OPEC to wait for calmer financial markets before making oil production cut decision](https://feedsoft.ai/events/36771-opec-to-wait-for-calmer-financial-markets-before-making-oil-production-cut.md) | +4.9% | +21.8% |
| WTI | 2022-08-03 | [Oil Prices: OPEC+ Agrees to Raise Production Next Month at Much Slower Pace - Bloomberg](https://feedsoft.ai/events/39947-oil-prices-opec-agrees-to-raise-production-next-month-at-much-slower-pace.md) | -4.1% | -4.5% |
| WTI | 2022-06-30 | [OPEC+ Ratifies August Oil Production Increase, Leaving Next Move Unresolved - Bloomberg](https://feedsoft.ai/events/40835-opec-ratifies-august-oil-production-increase-leaving-next-move-unresolved.md) | -6.3% | -11.5% |
| BRENT | 2026-06-08 | [Opec+ raises July oil production quotas amid supply concerns \| Malay Mail](https://feedsoft.ai/events/18720-opec-raises-july-oil-production-quotas-amid-supply-concerns-malay-mail.md) | -7.5% | -26.2% |
| BRENT | 2023-11-30 | [OPEC+ Production Cuts Fail to Convince Oil Traders Amid Lack of Detail - Bloomberg](https://feedsoft.ai/events/33085-opec-production-cuts-fail-to-convince-oil-traders-amid-lack-of-detail-bloomberg.md) | -10.5% | -5.2% |
| BRENT | 2023-03-16 | [OPEC to wait for calmer financial markets before making oil production cut decision](https://feedsoft.ai/events/36771-opec-to-wait-for-calmer-financial-markets-before-making-oil-production-cut.md) | +3.2% | +16.6% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2022-10-31/opec-says-supply-surplus-was-main-reason-for-oil-production-cut

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