# Opec mulls further output cuts to support oil prices

> Analysts said OPEC could consider further output cuts after oil prices fell for another week on US-China trade tensions. Brent closed at $58.53 and WTI at $54.50, down 5.4% and 2% respectively. Reports said Saudi Arabia was contacting other OPEC producers to discuss stopping the slide.

- Date: 2019-08-11 · published 2019-08-11T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Possible further OPEC cuts would support crude prices and diesel costs, but no decision had been made. Trade-driven demand worries continue to pressure prices in the meantime.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-04-02 | [Goldman Sachs raises Brent oil price forecasts after OPEC+ output cuts](https://feedsoft.ai/events/7952-goldman-sachs-raises-brent-oil-price-forecasts-after-opec-output-cuts.md) | +5.4% | -0.0% |
| WTI | 2016-11-22 | [Oil prices ease off three-week high on worries over OPEC output cut](https://feedsoft.ai/events/74007-oil-prices-ease-off-three-week-high-on-worries-over-opec-output-cut.md) | -4.7% | +10.0% |
| WTI | 2021-08-27 | [OPEC stays the course on output hikes as oil prices rebound](https://feedsoft.ai/events/45475-opec-stays-the-course-on-output-hikes-as-oil-prices-rebound.md) | +3.9% | +9.9% |
| WTI | 2019-05-01 | [Oil prices mixed as talk of extending OPEC cuts faces rising U.S. supply](https://feedsoft.ai/events/59238-oil-prices-mixed-as-talk-of-extending-opec-cuts-faces-rising-u-s-supply.md) | -3.8% | -7.6% |
| WTI | 2022-05-05 | [OPEC+ sticks to modest oil output hike despite price rally](https://feedsoft.ai/events/41317-opec-sticks-to-modest-oil-output-hike-despite-price-rally.md) | -2.1% | +8.4% |
| BRENT | 2016-11-22 | [Oil prices ease off three-week high on worries over OPEC output cut](https://feedsoft.ai/events/74007-oil-prices-ease-off-three-week-high-on-worries-over-opec-output-cut.md) | +0.1% | +14.4% |
| BRENT | 2021-08-27 | [OPEC stays the course on output hikes as oil prices rebound](https://feedsoft.ai/events/45475-opec-stays-the-course-on-output-hikes-as-oil-prices-rebound.md) | +3.6% | +8.6% |
| BRENT | 2019-05-01 | [Oil prices mixed as talk of extending OPEC cuts faces rising U.S. supply](https://feedsoft.ai/events/59238-oil-prices-mixed-as-talk-of-extending-opec-cuts-faces-rising-u-s-supply.md) | -2.9% | -3.4% |

## Sources

- gulfnews.com: https://gulfnews.com/business/opec-mulls-further-output-cuts-to-support-oil-prices-1.65758918

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