# Oil pares losses after Saudi oilmin says OPEC+ has options including cuts

> Oil prices were nearly flat on Monday after bouncing off session lows, with Brent settling at $96.48. Saudi Arabia said OPEC+ has options including output cuts, while the U.S. State Department said an Iran nuclear deal was closer.

- Date: 2022-08-22 · published 2022-08-22T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/40195-oil-pares-losses-after-saudi-oilmin-says-opec-has-options-including-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Possible OPEC+ cuts support crude prices, while a nuclear deal would add Iranian supply, leaving a two-sided outlook for energy input costs.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-09-16 | [OPEC says too early for any action on oil after Saudi attacks](https://feedsoft.ai/events/57001-opec-says-too-early-for-any-action-on-oil-after-saudi-attacks.md) | +6.6% | -0.3% |
| BRENT | 2020-01-23 | [Opec+  to discuss all options at March meeting, Saudi energy minister says \| The National](https://feedsoft.ai/events/54973-opec-to-discuss-all-options-at-march-meeting-saudi-energy-minister-says-the.md) | -4.8% | -5.2% |
| BRENT | 2021-11-22 | [OPEC considers lowering production to account for oil reserve releases](https://feedsoft.ai/events/43987-opec-considers-lowering-production-to-account-for-oil-reserve-releases.md) | -8.8% | -7.9% |
| BRENT | 2020-11-29 | [Iraq isn't seeking exemptions from OPEC+ output cuts: report \| S&P Global](https://feedsoft.ai/events/50065-iraq-isn-t-seeking-exemptions-from-opec-output-cuts-report-s-and-p-global.md) | +3.5% | +7.0% |
| BRENT | 2026-04-29 | [In five charts: How UAE's exit could affect Opec's influence over the oil price](https://feedsoft.ai/events/19884-in-five-charts-how-uae-s-exit-could-affect-opec-s-influence-over-the-oil-price.md) | -1.9% | -16.4% |
| WTI | 2019-09-16 | [OPEC says too early for any action on oil after Saudi attacks](https://feedsoft.ai/events/57001-opec-says-too-early-for-any-action-on-oil-after-saudi-attacks.md) | +5.8% | -0.1% |
| WTI | 2020-01-23 | [Opec+  to discuss all options at March meeting, Saudi energy minister says \| The National](https://feedsoft.ai/events/54973-opec-to-discuss-all-options-at-march-meeting-saudi-energy-minister-says-the.md) | -6.1% | -5.3% |
| WTI | 2021-11-22 | [OPEC considers lowering production to account for oil reserve releases](https://feedsoft.ai/events/43987-opec-considers-lowering-production-to-account-for-oil-reserve-releases.md) | -8.2% | -9.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-falls-concerns-economic-slowdown-may-dent-fuel-demand-2022-08-22/

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