# Oil nudges higher as OPEC reduces output

> US crude rose on Feb 1 as data showed major exporters were cutting output quickly under the supply pact. WTI was at $53.96 a barrel in early trade, up 0.3 percent, after touching $55.37 the previous session, its highest since Nov. 21. US sanctions on PDVSA were keeping tankers stuck at ports and expected to accelerate the supply drop in February.

- Date: 2019-02-01 · published 2019-02-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/60765-oil-nudges-higher-as-opec-reduces-output
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Falling exporter output and sanctions-driven supply losses tighten global crude and support energy-linked costs. Higher crude supports diesel and biofuel economics that influence vegetable oil and feed demand.

## Read by commodity

- WTI: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-12-01 | [Oil near 2½-year highs after OPEC extends output cuts](https://feedsoft.ai/events/67641-oil-near-21-2-year-highs-after-opec-extends-output-cuts.md) | -1.5% | +5.3% |
| WTI | 2021-11-01 | [Oil hits multi-year highs as OPEC+ sticks to output plan](https://feedsoft.ai/events/44446-oil-hits-multi-year-highs-as-opec-sticks-to-output-plan.md) | -2.7% | -16.3% |
| WTI | 2019-11-21 | [Oil Prices Surge as OPEC Looks to Cut Output \| INN](https://feedsoft.ai/events/56233-oil-prices-surge-as-opec-looks-to-cut-output-inn.md) | +2.2% | +7.8% |
| WTI | 2016-12-01 | [Oil soars, Brent hits 16-month high after OPEC output deal \| Reuters](https://feedsoft.ai/events/9699-oil-soars-brent-hits-16-month-high-after-opec-output-deal-reuters.md) | +0.8% | +8.8% |
| 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% |

## Sources

- business-standard.com: https://www.business-standard.com/article/reuters/oil-nudges-higher-as-opec-reduces-output-119020100122_1.html

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