# Oil prices climb as OPEC eyes output curbs

> Oil prices rose on Nov 12 after OPEC and allied producers signaled they may trim output next year. Saudi Energy Minister Khalid al-Falih said the kingdom plans to cut exports by 500,000 bpd in December and that collective cuts of up to 1 million bpd may be needed. Brent traded near $71 and WTI near $60.57.

- Date: 2018-11-12 · published 2018-11-12T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/62218-oil-prices-climb-as-opec-eyes-output-curbs
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Signals of coordinated OPEC-plus output cuts provide price support for crude and the energy complex, which can firm biofuel economics and vegetable oil values. The lack of a firm commitment means the rally may be fragile.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-12-02 | [Global LNG prices hit 2016 high as OPEC agrees oil output cut](https://feedsoft.ai/events/73632-global-lng-prices-hit-2016-high-as-opec-agrees-oil-output-cut.md) | -0.5% | +5.2% |
| 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 | 2024-05-28 | [Oil market braces for OPEC decisions as crude prices climb \| Euronews](https://feedsoft.ai/events/30419-oil-market-braces-for-opec-decisions-as-crude-prices-climb-euronews.md) | -4.2% | +4.3% |
| WTI | 2022-05-05 | [Opec+ sticks to June output plan as oil prices continue to rise   \| The National](https://feedsoft.ai/events/41320-opec-sticks-to-june-output-plan-as-oil-prices-continue-to-rise-the-national.md) | -2.1% | +8.4% |
| WTI | 2019-08-27 | [Crude Oil Prices Shrug off Trade Jitters Amid Deeper OPEC Output Cuts](https://feedsoft.ai/events/57744-crude-oil-prices-shrug-off-trade-jitters-amid-deeper-opec-output-cuts.md) | +2.8% | +9.5% |
| BRENT | 2016-12-02 | [Global LNG prices hit 2016 high as OPEC agrees oil output cut](https://feedsoft.ai/events/73632-global-lng-prices-hit-2016-high-as-opec-agrees-oil-output-cut.md) | +2.7% | +8.1% |
| 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% |
| BRENT | 2024-05-28 | [Oil market braces for OPEC decisions as crude prices climb \| Euronews](https://feedsoft.ai/events/30419-oil-market-braces-for-opec-decisions-as-crude-prices-climb-euronews.md) | -3.9% | +7.3% |

## Sources

- axios.com: https://www.axios.com/2018/11/12/opec-lower-oil-production-prices-higher

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