# OPEC oil output hits four-year low on Saudi cuts, Venezuela blackouts

> A Reuters survey found OPEC oil supply fell to a four-year low in March, down 280,000 bpd from February to 30.40 million bpd. Saudi Arabia over-delivered on its supply cuts while Venezuelan output fell further due to sanctions and power outages.

- Date: 2019-04-01 · published 2019-04-01T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/59501-opec-oil-output-hits-four-year-low-on-saudi-cuts-venezuela-blackouts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Tighter OPEC supply supports crude prices, which feed through to energy costs for feed processing, transport and biofuel-linked demand for soybean oil and palm oil.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-07-31 | [OPEC oil output hits lowest since 2011 on Saudi cut, sanctions: Reuters survey](https://feedsoft.ai/events/58012-opec-oil-output-hits-lowest-since-2011-on-saudi-cut-sanctions-reuters-survey.md) | -7.6% | -7.3% |
| BRENT | 2018-01-08 | [OPEC not to change oil output on Iran,Venezuela instability - Mubasher Info](https://feedsoft.ai/events/66900-opec-not-to-change-oil-output-on-iran-venezuela-instability-mubasher-info.md) | +2.9% | +0.3% |
| BRENT | 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) | +10.9% | +13.4% |
| BRENT | 2020-05-16 | [OPEC+ Supply Cuts: Latest Oil Market News on Output Status - Bloomberg](https://feedsoft.ai/events/53027-opec-supply-cuts-latest-oil-market-news-on-output-status-bloomberg.md) | +8.6% | +24.8% |
| BRENT | 2024-02-27 | [OPEC+ to consider extending voluntary oil output cuts, sources say](https://feedsoft.ai/events/31834-opec-to-consider-extending-voluntary-oil-output-cuts-sources-say.md) | +1.7% | +3.8% |
| WTI | 2019-07-31 | [OPEC oil output hits lowest since 2011 on Saudi cut, sanctions: Reuters survey](https://feedsoft.ai/events/58012-opec-oil-output-hits-lowest-since-2011-on-saudi-cut-sanctions-reuters-survey.md) | -7.6% | -5.3% |
| 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% |
| WTI | 2020-05-16 | [OPEC+ Supply Cuts: Latest Oil Market News on Output Status - Bloomberg](https://feedsoft.ai/events/53027-opec-supply-cuts-latest-oil-market-news-on-output-status-bloomberg.md) | +13.5% | +26.0% |

## Sources

- reuters.com: https://www.reuters.com/article/us-oil-opec-survey/opec-oil-output-hits-four-year-low-on-saudi-cuts-venezuela-blackouts-idUSKCN1RD26N/

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