# Oman Oil Minister: Majority of OPEC and its Allies Support Cut

> Oman's oil minister said a majority of OPEC and allied exporters support a production cut, while declining to specify a volume. Saudi Arabia was reportedly discussing a cut of up to 1 million bpd.

- Date: 2018-12-01 · published 2018-12-01T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/61943-oman-oil-minister-majority-of-opec-and-its-allies-support-cut
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Signals of an emerging supply cut support crude prices, though the lack of a firm number leaves the price effect uncertain.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-04-09 | [OPEC and allies agree to historic 10 million barrel per day oil cut](https://feedsoft.ai/events/53545-opec-and-allies-agree-to-historic-10-million-barrel-per-day-oil-cut.md) | -20.7% | -1.1% |
| WTI | 2020-10-19 | [OPEC Pledges Action To Support Weak Oil Demand](https://feedsoft.ai/events/50552-opec-pledges-action-to-support-weak-oil-demand.md) | -2.4% | -1.9% |
| WTI | 2022-08-29 | [Oil prices climb on OPEC supply cut prospect, rise in demand](https://feedsoft.ai/events/40197-oil-prices-climb-on-opec-supply-cut-prospect-rise-in-demand.md) | -6.7% | -17.6% |
| WTI | 2020-11-16 | [OPEC+ Meetings Consider Further Action To Support Oil Market](https://feedsoft.ai/events/50069-opec-meetings-consider-further-action-to-support-oil-market.md) | +5.1% | +17.5% |
| WTI | 2024-12-03 | [Oil rises on fears about Lebanon, further OPEC+ supply cuts \| Reuters](https://feedsoft.ai/events/27114-oil-rises-on-fears-about-lebanon-further-opec-supply-cuts-reuters.md) | +0.4% | +5.8% |
| BRENT | 2020-04-09 | [OPEC and allies agree to historic 10 million barrel per day oil cut](https://feedsoft.ai/events/53545-opec-and-allies-agree-to-historic-10-million-barrel-per-day-oil-cut.md) | -20.8% | -7.2% |
| BRENT | 2020-10-19 | [OPEC Pledges Action To Support Weak Oil Demand](https://feedsoft.ai/events/50552-opec-pledges-action-to-support-weak-oil-demand.md) | -2.1% | +0.0% |
| BRENT | 2022-08-29 | [Oil prices climb on OPEC supply cut prospect, rise in demand](https://feedsoft.ai/events/40197-oil-prices-climb-on-opec-supply-cut-prospect-rise-in-demand.md) | -7.9% | -15.7% |

## Sources

- voanews.com: https://www.voanews.com/a/oman-oil-minister-majority-of-opec-and-its-allies-support-cut/4653625.html

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