# Oil up nearly 3% as OPEC+ agrees to small oil output cut

> Oil prices rose nearly 3% after OPEC and its allies agreed to a 100,000 barrels per day output reduction. The cut equals about 0.1% of global demand. The group also said it could meet before its scheduled October 5 meeting to adjust production.

- Date: 2022-10-01 · published 2022-10-01T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/39515-oil-up-nearly-3-as-opec-agrees-to-small-oil-output-cut
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The price reaction shows the market is pricing in OPEC+ support, which can feed through to higher energy and transport costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.7% | +7.4% |
| BRENT | 2018-12-07 | [OPEC and Allies, Defying Trump, Agree to Cut Oil Output to Prop Up Prices](https://feedsoft.ai/events/10624-opec-and-allies-defying-trump-agree-to-cut-oil-output-to-prop-up-prices.md) | +2.2% | -2.9% |
| BRENT | 2019-02-07 | [MEED \| Opec+ agrees to extend oil output cuts till March 2020](https://feedsoft.ai/events/60521-meed-opec-agrees-to-extend-oil-output-cuts-till-march-2020.md) | +1.6% | +4.5% |
| BRENT | 2023-11-30 | [Oil prices swing as OPEC+ agrees on additional output cuts](https://feedsoft.ai/events/33335-oil-prices-swing-as-opec-agrees-on-additional-output-cuts.md) | -10.5% | -5.2% |
| BRENT | 2019-11-21 | [Oil Prices Surge as OPEC Looks to Cut Output \| INN](https://feedsoft.ai/events/56233-oil-prices-surge-as-opec-looks-to-cut-output-inn.md) | +2.3% | +7.2% |
| WTI | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.5% | +4.7% |
| WTI | 2018-12-07 | [OPEC and Allies, Defying Trump, Agree to Cut Oil Output to Prop Up Prices](https://feedsoft.ai/events/10624-opec-and-allies-defying-trump-agree-to-cut-oil-output-to-prop-up-prices.md) | +2.2% | -6.2% |
| WTI | 2019-02-07 | [MEED \| Opec+ agrees to extend oil output cuts till March 2020](https://feedsoft.ai/events/60521-meed-opec-agrees-to-extend-oil-output-cuts-till-march-2020.md) | -0.2% | +4.2% |

## Sources

- reuters.com: https://www.reuters.com/markets/europe/oil-prices-climb-more-than-1bbl-ahead-opec-meeting-2022-09-05/

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