# Oil rises 2% as no immediate Saudi output boost expected

> Oil rose about 2% after Biden's meeting with Saudi Crown Prince Mohammed bin Salman produced no immediate output boost. The US is waiting for the next OPEC+ meeting on Aug. 3.

- Date: 2022-07-15 · published 2022-07-15T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/40660-oil-rises-2-as-no-immediate-saudi-output-boost-expected
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of limited near-term supply growth keep crude firm, supporting energy and freight costs and the biofuel-linked demand for vegetable oils.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-09-24 | [OPEC, Russia rebuff Trump's call for immediate boost to oil output](https://feedsoft.ai/events/62928-opec-russia-rebuff-trump-s-call-for-immediate-boost-to-oil-output.md) | +3.4% | -2.3% |
| WTI | 2019-08-19 | [Oil Rises 2% After Attack on Saudi Field, Stimulus Expectations - Oil & Gas 360](https://feedsoft.ai/events/57775-oil-rises-2-after-attack-on-saudi-field-stimulus-expectations-oil-and-gas-360.md) | -1.3% | -0.1% |
| WTI | 2024-11-03 | [Oil Rises as OPEC+ Delays Output Hike, Election Roils Trading](https://feedsoft.ai/events/27307-oil-rises-as-opec-delays-output-hike-election-roils-trading.md) | +1.3% | -2.1% |
| WTI | 2026-10-01 | [Saudi Oil Output Slumps as Iran War, Houthi Threats Disrupt Vital Export Routes](https://feedsoft.ai/events/17664-saudi-oil-output-slumps-as-iran-war-houthi-threats-disrupt-vital-export-routes.md) | -2.3% | +8.7% |
| WTI | 2019-01-03 | [OPEC oil output posts biggest drop since 2017 on Saudi move](https://feedsoft.ai/events/60996-opec-oil-output-posts-biggest-drop-since-2017-on-saudi-move.md) | +12.6% | +16.8% |
| BRENT | 2018-09-24 | [OPEC, Russia rebuff Trump's call for immediate boost to oil output](https://feedsoft.ai/events/62928-opec-russia-rebuff-trump-s-call-for-immediate-boost-to-oil-output.md) | +4.9% | +1.6% |
| BRENT | 2019-08-19 | [Oil Rises 2% After Attack on Saudi Field, Stimulus Expectations - Oil & Gas 360](https://feedsoft.ai/events/57775-oil-rises-2-after-attack-on-saudi-field-stimulus-expectations-oil-and-gas-360.md) | +0.3% | +3.3% |
| BRENT | 2024-11-03 | [Oil Rises as OPEC+ Delays Output Hike, Election Roils Trading](https://feedsoft.ai/events/27307-oil-rises-as-opec-delays-output-hike-election-roils-trading.md) | +0.8% | +0.2% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-prices-climb-amid-questions-over-scale-us-rate-hike-2022-07-15/

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