# OPEC says too early for any action on oil after Saudi attacks

> OPEC said it was too early to take any action on oil supply after the attacks on Saudi facilities. The comments came as the group reiterated its existing agreement to cut 1.2 million bpd from January 1, with OPEC's share at 800,000 bpd.

- Date: 2019-09-16 · published 2019-09-16T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude low
- Page: https://feedsoft.ai/events/57001-opec-says-too-early-for-any-action-on-oil-after-saudi-attacks
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Holding off on new cuts leaves the market relying on spare capacity to offset lost Saudi output, which supports crude prices in the short term. Energy costs feed into fuel, freight and grain processing margins for feed buyers.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-08-22 | [Oil pares losses after Saudi oilmin says OPEC+ has options including cuts](https://feedsoft.ai/events/40195-oil-pares-losses-after-saudi-oilmin-says-opec-has-options-including-cuts.md) | +0.9% | -7.1% |
| 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 | 2023-02-13 | [UAE energy minister: no need for early OPEC+ meeting](https://feedsoft.ai/events/37490-uae-energy-minister-no-need-for-early-opec-meeting.md) | -4.3% | -6.3% |
| 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% |
| WTI | 2020-11-30 | [Opec set for annual meeting to discuss next phase of oil production policy \| The National](https://feedsoft.ai/events/50063-opec-set-for-annual-meeting-to-discuss-next-phase-of-oil-production-policy-the.md) | +1.5% | +4.3% |
| BRENT | 2022-08-22 | [Oil pares losses after Saudi oilmin says OPEC+ has options including cuts](https://feedsoft.ai/events/40195-oil-pares-losses-after-saudi-oilmin-says-opec-has-options-including-cuts.md) | +4.6% | -6.4% |
| BRENT | 2018-07-31 | [Aramco unlikely to reduce oil exports to West after Houthi attack, analysts say \| The National](https://feedsoft.ai/events/63932-aramco-unlikely-to-reduce-oil-exports-to-west-after-houthi-attack-analysts-say.md) | -2.5% | +0.4% |
| 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% |

## Sources

- reuters.com: https://www.reuters.com/article/us-saudi-aramco-opec/opec-says-too-early-for-any-action-on-oil-after-saudi-attacks-idUSKBN1W10XW/

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