# Oil up on OPEC output cuts, hopes of easing U.S.-China trade tensions - Global Energy Network

> Oil rose after OPEC's monthly report showed its output fell 751,000 bpd in December to 31.58 million bpd, the largest monthly drop in almost two years. OPEC also cut its 2019 demand forecast for its crude by 910,000 bpd.

- Date: 2019-01-17 · published 2019-01-17T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/61244-oil-up-on-opec-output-cuts-hopes-of-easing-u-s-china-trade-tensions-global
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

OPEC's production cuts tighten supply, supporting crude prices, while the lower demand forecast tempers the rally. Energy price moves affect biofuel and feed-ingredient costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-11-14 | [Oil Rises on Signs of U.S. Supply Drop, OPEC’s Shale Outlook - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/56235-oil-rises-on-signs-of-u-s-supply-drop-opec-s-shale-outlook-energy-news-top.md) | -0.2% | +3.9% |
| WTI | 2017-09-12 | [Oil edges up as OPEC output falls, offsets hurricane concerns](https://feedsoft.ai/events/69135-oil-edges-up-as-opec-output-falls-offsets-hurricane-concerns.md) | +3.8% | +3.2% |
| WTI | 2024-01-31 | [OPEC oil output falls in January on new cuts, Libya - survey \| Reuters](https://feedsoft.ai/events/32028-opec-oil-output-falls-in-january-on-new-cuts-libya-survey-reuters.md) | -6.0% | +1.3% |
| WTI | 2017-02-10 | [Oil is surging this morning on news that OPEC is cutting output like never before - Financial Post](https://feedsoft.ai/events/72668-oil-is-surging-this-morning-on-news-that-opec-is-cutting-output-like-never.md) | +0.8% | -9.1% |
| WTI | 2026-05-13 | [IEA warns of global oil deficit as Iran conflict hits output](https://feedsoft.ai/events/19448-iea-warns-of-global-oil-deficit-as-iran-conflict-hits-output.md) | +5.8% | -11.6% |
| BRENT | 2019-11-14 | [Oil Rises on Signs of U.S. Supply Drop, OPEC’s Shale Outlook - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/56235-oil-rises-on-signs-of-u-s-supply-drop-opec-s-shale-outlook-energy-news-top.md) | +1.2% | +3.6% |
| BRENT | 2018-01-22 | [OPEC and Non-OPEC oil production cuts at record highs - Offshore Energy](https://feedsoft.ai/events/66902-opec-and-non-opec-oil-production-cuts-at-record-highs-offshore-energy.md) | +2.5% | -5.9% |
| BRENT | 2017-09-12 | [Oil edges up as OPEC output falls, offsets hurricane concerns](https://feedsoft.ai/events/69135-oil-edges-up-as-opec-output-falls-offsets-hurricane-concerns.md) | +2.7% | +2.8% |

## Sources

- globalenergynetwork.net: https://globalenergynetwork.net/news-item/oil-up-on-opec-output-cuts-hopes-of-easing-u-s-china-trade-tensions/

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