# Lack of conformity in OPEC unacceptable: Saudi En. Min.

> Saudi Energy Minister Prince Abdulaziz bin Salman said OPEC members who fail to comply with their quotas are unacceptable. OPEC and non-OPEC partners extended the 9.7 million bpd cut deal by one month to the end of July, with Iraq and Nigeria tasked with extra cuts.

- Date: 2020-05-23 · published 2020-05-23T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/53029-lack-of-conformity-in-opec-unacceptable-saudi-en-min
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Enforcement and extension of the cut support crude prices, but compliance doubts limit the bullish effect on energy costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-08-19 | [Oil rises as markets factor in latest attack on Saudi energy facility \| The National](https://feedsoft.ai/events/57774-oil-rises-as-markets-factor-in-latest-attack-on-saudi-energy-facility-the.md) | -1.3% | -0.1% |
| WTI | 2018-12-01 | [Oman Oil Minister: Majority of OPEC and its Allies Support Cut](https://feedsoft.ai/events/61943-oman-oil-minister-majority-of-opec-and-its-allies-support-cut.md) | +3.7% | -11.0% |
| WTI | 2019-09-16 | [Oil Surges Most in Decades After Attack on Heart of Saudi Oil Industry](https://feedsoft.ai/events/57238-oil-surges-most-in-decades-after-attack-on-heart-of-saudi-oil-industry.md) | +5.8% | -0.1% |
| WTI | 2019-04-01 | [OPEC oil output hits four-year low on Saudi cuts, Venezuela blackouts](https://feedsoft.ai/events/59501-opec-oil-output-hits-four-year-low-on-saudi-cuts-venezuela-blackouts.md) | +4.9% | +5.4% |
| WTI | 2023-01-30 | [Putin and Saudi crown prince discuss OPEC+ cooperation to maintain price stability -Kremlin \| Reuters](https://feedsoft.ai/events/37687-putin-and-saudi-crown-prince-discuss-opec-cooperation-to-maintain-price.md) | -7.9% | -5.2% |
| BRENT | 2019-08-19 | [Oil rises as markets factor in latest attack on Saudi energy facility \| The National](https://feedsoft.ai/events/57774-oil-rises-as-markets-factor-in-latest-attack-on-saudi-energy-facility-the.md) | +0.3% | +3.3% |
| BRENT | 2018-12-01 | [Oman Oil Minister: Majority of OPEC and its Allies Support Cut](https://feedsoft.ai/events/61943-oman-oil-minister-majority-of-opec-and-its-allies-support-cut.md) | +6.0% | -10.4% |
| BRENT | 2019-09-16 | [Oil Surges Most in Decades After Attack on Heart of Saudi Oil Industry](https://feedsoft.ai/events/57238-oil-surges-most-in-decades-after-attack-on-heart-of-saudi-oil-industry.md) | +6.6% | -0.3% |

## Sources

- aa.com.tr: https://www.aa.com.tr/en/energy/international-organization/lack-of-conformity-in-opec-unacceptable-saudi-en-min/29517

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