# Crude oil futures tick higher as Saudi Arabia's voluntary production cuts begin | S&P Global

> Crude futures rose slightly as Saudi Arabia's 1 million b/d voluntary production cut took effect on February 1, with OPEC+ compliance near 99% in January. Russia also planned to cut Urals exports due to cold weather.

- Date: 2021-02-01 · published 2021-02-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/48813-crude-oil-futures-tick-higher-as-saudi-arabia-s-voluntary-production-cuts-begin
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Supply cuts from OPEC+ and Russia tighten crude markets, supporting energy prices that feed into ag input and freight costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-05-05 | [Oil prices rally as production cuts mount \| S&P Global](https://feedsoft.ai/events/8044-oil-prices-rally-as-production-cuts-mount-s-and-p-global.md) | +16.8% | +64.0% |
| BRENT | 2023-08-04 | [OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut](https://feedsoft.ai/events/34492-opec-sticks-to-oil-output-policy-as-saudi-extends-voluntary-production-cut.md) | +1.5% | +1.6% |
| BRENT | 2023-06-05 | [Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times](https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times.md) | -1.7% | -1.8% |
| BRENT | 2024-03-03 | [Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June](https://feedsoft.ai/events/31110-saudi-arabia-russia-and-several-opec-producers-extend-voluntary-crude-supply.md) | -1.2% | +3.1% |
| BRENT | 2023-09-05 | [Saudi Arabia, Russia extend oil production cuts to end of year](https://feedsoft.ai/events/34026-saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year.md) | +2.0% | +1.7% |
| WTI | 2020-05-05 | [Oil prices rally as production cuts mount \| S&P Global](https://feedsoft.ai/events/8044-oil-prices-rally-as-production-cuts-mount-s-and-p-global.md) | +17.7% | +80.3% |
| WTI | 2023-08-04 | [OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut](https://feedsoft.ai/events/34492-opec-sticks-to-oil-output-policy-as-saudi-extends-voluntary-production-cut.md) | +1.5% | +2.5% |
| WTI | 2023-06-05 | [Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times](https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times.md) | -2.2% | -2.8% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/020121-crude-oil-futures-tick-higher-as-saudi-arabias-voluntary-production-cuts-begin

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