# OPEC oil output posts biggest drop since 2017 on Saudi move

> A Reuters survey found OPEC oil output fell by 460,000 bpd in December to 32.68 million bpd, the largest monthly drop since January 2017. Saudi Arabia made an early start on supply cuts while Iran and Libya posted involuntary declines. A formal OPEC+ accord to cut 1.2 million bpd in 2019 took effect that Tuesday.

- Date: 2019-01-03 · published 2019-01-03T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/60996-opec-oil-output-posts-biggest-drop-since-2017-on-saudi-move
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower OPEC supply tightens the crude balance, supporting oil prices that have slid to about $56 from an October high. Lower crude also feeds into diesel and energy costs for feed mills and farm operations.

## 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 | 2019-10-01 | [OPEC oil output sinks to lowest since 2011 after Saudi attacks: Reuters survey](https://feedsoft.ai/events/56738-opec-oil-output-sinks-to-lowest-since-2011-after-saudi-attacks-reuters-survey.md) | -3.3% | +0.2% |
| BRENT | 2017-08-31 | [OPEC oil output slips from 2017 high on renewed Libyan outages](https://feedsoft.ai/events/69357-opec-oil-output-slips-from-2017-high-on-renewed-libyan-outages.md) | +5.8% | +13.5% |
| BRENT | 2019-04-01 | [OPEC oil output hits four-year low on Saudi cuts, Venezuela blackouts](https://feedsoft.ai/events/59501-opec-oil-output-hits-four-year-low-on-saudi-cuts-venezuela-blackouts.md) | +2.9% | +5.1% |
| BRENT | 2022-03-02 | [Oil jumps to highest since 2011 as OPEC holds output steady despite Russia's war on Ukraine](https://feedsoft.ai/events/42432-oil-jumps-to-highest-since-2011-as-opec-holds-output-steady-despite-russia-s.md) | +21.0% | +3.3% |
| 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 | 2019-10-01 | [OPEC oil output sinks to lowest since 2011 after Saudi attacks: Reuters survey](https://feedsoft.ai/events/56738-opec-oil-output-sinks-to-lowest-since-2011-after-saudi-attacks-reuters-survey.md) | -2.5% | +2.9% |
| WTI | 2017-08-31 | [OPEC oil output slips from 2017 high on renewed Libyan outages](https://feedsoft.ai/events/69357-opec-oil-output-slips-from-2017-high-on-renewed-libyan-outages.md) | +6.8% | +12.3% |

## Sources

- business-standard.com: https://www.business-standard.com/article/reuters/opec-oil-output-posts-biggest-drop-since-2017-on-saudi-move-119010301232_1.html

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