# Opec and allies say significant capacity exists but not needed | The National

> OPEC and allied producers ended day one of their monitoring committee meeting in Algiers with no significant pledge to raise output. Saudi Energy Minister Khalid al-Falih said the market was adequately supplied as Brent approached $80 a barrel.

- Date: 2018-09-24 · published 2018-09-24T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/62931-opec-and-allies-say-significant-capacity-exists-but-not-needed-the-national
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The decision to hold supply steady ahead of US Iran sanctions supports crude prices, which feed into diesel, fertilizer and freight costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-06-06 | [OPEC and allies agree to extend record production cut](https://feedsoft.ai/events/52790-opec-and-allies-agree-to-extend-record-production-cut.md) | -8.3% | +2.6% |
| WTI | 2018-12-01 | [Oman Oil Minister: Majority of OPEC and its Allies Support Cut](https://feedsoft.ai/events/61943-oman-oil-minister-majority-of-opec-and-its-allies-support-cut.md) | +3.7% | -11.0% |
| WTI | 2022-12-04 | [Opec+ sticks to current output targets ahead of Russia crude sanctions \| The National](https://feedsoft.ai/events/38143-opec-sticks-to-current-output-targets-ahead-of-russia-crude-sanctions-the.md) | -11.1% | -3.8% |
| 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 | 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% |
| BRENT | 2020-06-06 | [OPEC and allies agree to extend record production cut](https://feedsoft.ai/events/52790-opec-and-allies-agree-to-extend-record-production-cut.md) | -7.2% | +3.3% |
| BRENT | 2018-12-01 | [Oman Oil Minister: Majority of OPEC and its Allies Support Cut](https://feedsoft.ai/events/61943-oman-oil-minister-majority-of-opec-and-its-allies-support-cut.md) | +6.0% | -10.4% |
| BRENT | 2022-12-04 | [Opec+ sticks to current output targets ahead of Russia crude sanctions \| The National](https://feedsoft.ai/events/38143-opec-sticks-to-current-output-targets-ahead-of-russia-crude-sanctions-the.md) | -11.4% | -5.6% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/opec-and-allies-say-significant-capacity-exists-but-not-needed-1.773181

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