# Oil prices rise over 1% on outage in North Sea, expected OPEC supply cuts

> Oil rose more than 1% on Wednesday after the Buzzard North Sea field, which pumps about 150,000 bpd, shut temporarily over pipe corrosion, cancelling three December cargoes. Traders also expected OPEC to agree a supply cut at its December 6 meeting. Prices remain about 30% below their early October levels.

- Date: 2018-11-28 · published 2018-11-28T12:00:00.000Z
- Category: logistics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/62234-oil-prices-rise-over-1-on-outage-in-north-sea-expected-opec-supply-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The North Sea outage tightens supply of a Brent-setting crude, and the cut expectations add support. Both factors could slow the slide in energy costs that feed into biofuel and fertilizer pricing.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-12-11 | [Brent crude oil hits 2½-year high on Forties pipeline outage](https://feedsoft.ai/events/67645-brent-crude-oil-hits-21-2-year-high-on-forties-pipeline-outage.md) | -0.2% | +8.4% |
| BRENT | 2022-03-29 | [CPC pipeline outage forces Kazakhstan to cut oil output by a fifth \| Reuters](https://feedsoft.ai/events/42430-cpc-pipeline-outage-forces-kazakhstan-to-cut-oil-output-by-a-fifth-reuters.md) | -5.0% | -8.4% |
| BRENT | 2019-05-08 | [Products: Diesel Spikes on Unplanned Run Cuts \| Energy Intelligence](https://feedsoft.ai/events/59259-products-diesel-spikes-on-unplanned-run-cuts-energy-intelligence.md) | +2.1% | -12.8% |
| BRENT | 2019-04-25 | [Brent Oil Hits $75 For First Time in 2019 as Russian Exports Cut](https://feedsoft.ai/events/9609-brent-oil-hits-75-for-first-time-in-2019-as-russian-exports-cut.md) | -2.7% | -3.5% |
| BRENT | 2022-03-18 | [Ocean Freight Rates Highest Since Nov. – AgFax - Supply Chain Council of European Union \| Scceu.org](https://feedsoft.ai/events/42191-ocean-freight-rates-highest-since-nov-agfax-supply-chain-council-of-european.md) | +10.4% | +1.1% |
| WTI | 2022-12-12 | [Oil up $2/bbl on supply risks amid ongoing Keystone outage](https://feedsoft.ai/events/38399-oil-up-2-bbl-on-supply-risks-amid-ongoing-keystone-outage.md) | +4.5% | +5.7% |
| WTI | 2017-12-11 | [Brent crude oil hits 2½-year high on Forties pipeline outage](https://feedsoft.ai/events/67645-brent-crude-oil-hits-21-2-year-high-on-forties-pipeline-outage.md) | +0.1% | +10.0% |
| WTI | 2022-03-29 | [CPC pipeline outage forces Kazakhstan to cut oil output by a fifth \| Reuters](https://feedsoft.ai/events/42430-cpc-pipeline-outage-forces-kazakhstan-to-cut-oil-output-by-a-fifth-reuters.md) | -3.5% | -4.4% |

## Sources

- livemint.com: https://www.livemint.com/Industry/B2L6e1HpLJIWkmxc44FnPO/Oil-prices-rise-ahead-of-OPEC-meeting-but-sentiment-still-c.html

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