# OPEC+ gives Saudi chairman power to intervene to address market developments

> OPEC and its allies, led by Russia, agreed on Monday to a small output cut of 100,000 barrels per day. The group scheduled its next meeting for October 5 but said it could meet earlier to adjust production. This effectively gives the Saudi chairman power to respond to market developments as they arise.

- Date: 2022-09-05 · published 2022-09-05T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/39513-opec-gives-saudi-chairman-power-to-intervene-to-address-market-developments
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Giving the chairman discretion to act quickly raises the chance of further supply moves, which adds upside risk to crude and energy input costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-12-01 | [Oil Futures Lower as Market Ponders OPEC Cuts](https://feedsoft.ai/events/32494-oil-futures-lower-as-market-ponders-opec-cuts.md) | -9.9% | -6.0% |
| BRENT | 2023-12-06 | [OPEC+ Agrees to Additional Production Cuts: Market Responds With a Shrug \| Baker Institute](https://feedsoft.ai/events/32492-opec-agrees-to-additional-production-cuts-market-responds-with-a-shrug-baker.md) | -4.6% | -0.7% |
| BRENT | 2023-03-14 | [OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence](https://feedsoft.ai/events/36768-opec-to-stick-to-production-cut-saudi-minister-tells-energy-intelligence.md) | -8.9% | +7.8% |
| 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 | 2019-06-19 | [OPEC to meet July 1 and 2 after several postponements](https://feedsoft.ai/events/58756-opec-to-meet-july-1-and-2-after-several-postponements.md) | +4.6% | +3.8% |
| WTI | 2023-12-01 | [Oil Futures Lower as Market Ponders OPEC Cuts](https://feedsoft.ai/events/32494-oil-futures-lower-as-market-ponders-opec-cuts.md) | -8.8% | -5.2% |
| WTI | 2023-12-06 | [OPEC+ Agrees to Additional Production Cuts: Market Responds With a Shrug \| Baker Institute](https://feedsoft.ai/events/32492-opec-agrees-to-additional-production-cuts-market-responds-with-a-shrug-baker.md) | -5.1% | +0.3% |
| WTI | 2023-03-14 | [OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence](https://feedsoft.ai/events/36768-opec-to-stick-to-production-cut-saudi-minister-tells-energy-intelligence.md) | -9.5% | +9.1% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-gives-saudi-chairman-power-intervene-address-market-developments-2022-09-05/

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