# Russia seen suggesting OPEC+ cuts oil output by 1 mln bpd - source

> Sources told Reuters that Russia is likely to propose that OPEC+ cut oil output by about 1 million barrels per day. Reports also noted talk of a possible US diesel export ban, which widened US crude's discount to global benchmarks.

- Date: 2022-09-27 · published 2022-09-27T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/39761-russia-seen-suggesting-opec-cuts-oil-output-by-1-mln-bpd-source
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

A cut of that size would remove a meaningful share of supply and push crude higher if approved. A diesel export ban would raise domestic US fuel costs, affecting farm and freight expenses.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2016-11-30 | [Saudis to cut oil output by 0.5 million bpd in OPEC deal: source](https://feedsoft.ai/events/73785-saudis-to-cut-oil-output-by-0-5-million-bpd-in-opec-deal-source.md) | +16.7% | +22.1% |
| BRENT | 2023-12-01 | [OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts \| Euronews](https://feedsoft.ai/events/32491-opec-meeting-russia-and-saudi-arabia-extend-oil-output-cuts-euronews.md) | -9.9% | -6.0% |
| BRENT | 2019-07-02 | [OPEC, Russia Agree To Extend Oil Output Cuts Into 2020](https://feedsoft.ai/events/58009-opec-russia-agree-to-extend-oil-output-cuts-into-2020.md) | -0.9% | -3.2% |
| BRENT | 2021-08-30 | [Oil Could Rise Further As OPEC Suggests Keeping Output Cuts In Place \| OilPrice.com](https://feedsoft.ai/events/45476-oil-could-rise-further-as-opec-suggests-keeping-output-cuts-in-place-oilprice.md) | +0.5% | +7.3% |
| BRENT | 2018-12-07 | [OPEC gets Iran green light to cut oil output by 0.8 million barrels per day: source](https://feedsoft.ai/events/61455-opec-gets-iran-green-light-to-cut-oil-output-by-0-8-million-barrels-per-day.md) | +2.2% | -2.9% |
| WTI | 2016-11-30 | [Saudis to cut oil output by 0.5 million bpd in OPEC deal: source](https://feedsoft.ai/events/73785-saudis-to-cut-oil-output-by-0-5-million-bpd-in-opec-deal-source.md) | +12.5% | +19.3% |
| WTI | 2023-12-01 | [OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts \| Euronews](https://feedsoft.ai/events/32491-opec-meeting-russia-and-saudi-arabia-extend-oil-output-cuts-euronews.md) | -8.8% | -5.2% |
| WTI | 2019-07-02 | [OPEC, Russia Agree To Extend Oil Output Cuts Into 2020](https://feedsoft.ai/events/58009-opec-russia-agree-to-extend-oil-output-cuts-into-2020.md) | -2.2% | -1.6% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/russia-seen-suggesting-opec-cuts-oil-output-by-1-mln-bpd-source-2022-09-27/

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