# 'Shock and Awe' OPEC Oil Cuts Boost Prices

> OPEC and allied producers led by Russia began implementing production curbs in January to rebalance an oversupplied market. Brent crude was up about 18 percent so far in 2019 and traded at $63.24 a barrel on Feb 12, up 1.5 percent on the day. The International Energy Agency also commented on the market that day.

- Date: 2019-02-13 · published 2019-02-13T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/60762-shock-and-awe-opec-oil-cuts-boost-prices
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Coordinated output cuts tighten global crude supply and lift energy costs. Higher oil prices raise diesel, fertilizer and transport costs for feed production and can support biofuel-linked oilseed demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-12-01 | [OPEC plans more cuts to boost worldwide oil prices](https://feedsoft.ai/events/32490-opec-plans-more-cuts-to-boost-worldwide-oil-prices.md) | -8.8% | -5.2% |
| WTI | 2022-10-05 | [OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times](https://feedsoft.ai/events/39061-opec-agrees-to-cut-oil-production-to-boost-sliding-prices-los-angeles-times.md) | +3.3% | +1.9% |
| WTI | 2024-06-02 | [Exclusive \| OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices - WSJ](https://feedsoft.ai/events/29930-exclusive-opec-agrees-to-extend-production-cuts-in-bid-to-boost-oil-prices-wsj.md) | -1.9% | +8.5% |
| WTI | 2022-10-05 | [Oil: OPEC+ imposes deep production cuts in a bid to shore up prices](https://feedsoft.ai/events/39057-oil-opec-imposes-deep-production-cuts-in-a-bid-to-shore-up-prices.md) | +3.3% | +1.9% |
| WTI | 2023-05-01 | [OPEC+ announces surprise oil output cuts](https://feedsoft.ai/events/36320-opec-announces-surprise-oil-output-cuts.md) | -7.1% | -5.6% |
| BRENT | 2023-12-01 | [OPEC plans more cuts to boost worldwide oil prices](https://feedsoft.ai/events/32490-opec-plans-more-cuts-to-boost-worldwide-oil-prices.md) | -9.9% | -6.0% |
| BRENT | 2022-10-05 | [OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times](https://feedsoft.ai/events/39061-opec-agrees-to-cut-oil-production-to-boost-sliding-prices-los-angeles-times.md) | +2.1% | +2.3% |
| BRENT | 2024-06-02 | [Exclusive \| OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices - WSJ](https://feedsoft.ai/events/29930-exclusive-opec-agrees-to-extend-production-cuts-in-bid-to-boost-oil-prices-wsj.md) | -2.0% | +7.9% |

## Sources

- wsj.com: https://www.wsj.com/livecoverage/live-coverage-global-markets/card/TmksUv2O3iOd27RQWWHB

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