# Oil: OPEC+ surprises energy markets with a small production cut

> OPEC+ unexpectedly agreed to cut its production targets by about 100,000 barrels per day from October, surprising analysts who expected no change. The decision comes amid a dispute between Russia and the West and concerns about recession and winter gas shortages in Europe. It also reverses a small increase that had been made in response to US pressure.

- Date: 2022-09-05 · published 2022-09-05T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/39517-oil-opec-surprises-energy-markets-with-a-small-production-cut
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

An unexpected supply cut in a tight market supports crude prices, raising energy and transport costs that affect feed production and delivery.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-04-02 | [OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg](https://feedsoft.ai/events/36323-opec-makes-surprise-1-million-barrel-oil-production-cut-bloomberg.md) | +7.4% | +1.0% |
| BRENT | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +16.7% | +22.1% |
| BRENT | 2023-04-03 | [Oil Prices Jump After Surprise OPEC Production Cut - The New York Times](https://feedsoft.ai/events/7948-oil-prices-jump-after-surprise-opec-production-cut-the-new-york-times.md) | +7.4% | +1.0% |
| BRENT | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -2.9% |
| BRENT | 2018-12-03 | [Oil Prices Rise on Expectations for a Production Cut](https://feedsoft.ai/events/10625-oil-prices-rise-on-expectations-for-a-production-cut.md) | +6.0% | -10.4% |
| WTI | 2023-04-02 | [OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg](https://feedsoft.ai/events/36323-opec-makes-surprise-1-million-barrel-oil-production-cut-bloomberg.md) | +5.4% | -0.0% |
| WTI | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +12.5% | +19.3% |
| WTI | 2023-04-03 | [Oil Prices Jump After Surprise OPEC Production Cut - The New York Times](https://feedsoft.ai/events/7948-oil-prices-jump-after-surprise-opec-production-cut-the-new-york-times.md) | +5.4% | -0.0% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/09/05/oil-opec-surprises-energy-markets-with-a-small-production-cut.html

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