# Oil Prices Rise As Saudis Pledge Deeper Cuts

> Saudi Energy Minister Khalid al-Falih said the kingdom is cutting deeper than the OPEC+ agreement requires, with February output near 10.1 million bpd against a 10.3 million ceiling. Saudi exports cuts will be concentrated on the US market.

- Date: 2019-02-01 · published 2019-02-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/61264-oil-prices-rise-as-saudis-pledge-deeper-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Deeper Saudi cuts tighten global crude supply and support prices. Higher oil costs raise diesel and freight expenses for feed makers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-07-03 | [Saudi Arabia, Russia deepen oil cuts, sending prices higher](https://feedsoft.ai/events/35201-saudi-arabia-russia-deepen-oil-cuts-sending-prices-higher.md) | +5.2% | +13.4% |
| BRENT | 2019-08-16 | [OPEC Oil Production Continues To Slide As Saudis Cut Deeper \| OilPrice.com](https://feedsoft.ai/events/57504-opec-oil-production-continues-to-slide-as-saudis-cut-deeper-oilprice-com.md) | +3.6% | +4.8% |
| BRENT | 2019-10-10 | [Oil prices rise as OPEC pledges decision on supply \| Financial Post](https://feedsoft.ai/events/56468-oil-prices-rise-as-opec-pledges-decision-on-supply-financial-post.md) | +0.6% | +4.9% |
| BRENT | 2019-12-06 | [OPEC: Saudi Arabia and Russia impose deeper oil production cuts](https://feedsoft.ai/events/55491-opec-saudi-arabia-and-russia-impose-deeper-oil-production-cuts.md) | +1.4% | +7.8% |
| BRENT | 2023-06-04 | [Oil rises on Saudi plan to deepen output cuts from July \| Reuters](https://feedsoft.ai/events/35654-oil-rises-on-saudi-plan-to-deepen-output-cuts-from-july-reuters.md) | -1.7% | -1.8% |
| WTI | 2023-07-03 | [Saudi Arabia, Russia deepen oil cuts, sending prices higher](https://feedsoft.ai/events/35201-saudi-arabia-russia-deepen-oil-cuts-sending-prices-higher.md) | +3.4% | +15.8% |
| WTI | 2019-08-16 | [OPEC Oil Production Continues To Slide As Saudis Cut Deeper \| OilPrice.com](https://feedsoft.ai/events/57504-opec-oil-production-continues-to-slide-as-saudis-cut-deeper-oilprice-com.md) | +1.5% | +1.1% |
| WTI | 2019-10-10 | [Oil prices rise as OPEC pledges decision on supply \| Financial Post](https://feedsoft.ai/events/56468-oil-prices-rise-as-opec-pledges-decision-on-supply-financial-post.md) | +1.5% | +6.8% |

## Sources

- oilprice.com: https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Rise-As-Saudis-Pledge-Deeper-Cuts.html

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