# Saudi Arabia Promised More Oil. So Why Are Prices Rising? (Published 2018)

> Brent crude has risen more than 20 percent so far this year, to around $78 a barrel, despite Saudi Arabia's pledges of more output. The article examines why prices remain high despite the extra supply promised by the kingdom.

- Date: 2018-08-01 · published 2018-08-01T12:00:00.000Z
- Category: macro · region Global · magnitude low
- Page: https://feedsoft.ai/events/64200-saudi-arabia-promised-more-oil-so-why-are-prices-rising-published-2018
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Persistently firm crude supports diesel and fertilizer input costs for grain and feed production. Price strength despite higher OPEC output signals tight underlying balances.

## Read by commodity

- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-12-16 | [Rising oil prices and import rates to India are supporting vegetable oil quotes](https://feedsoft.ai/events/38344-rising-oil-prices-and-import-rates-to-india-are-supporting-vegetable-oil-quotes.md) | -1.8% | +2.7% |
| BRENT | 2023-05-24 | [Oil prices gain 2% on falling U.S. stockpiles, Saudi warning \| Reuters](https://feedsoft.ai/events/36100-oil-prices-gain-2-on-falling-u-s-stockpiles-saudi-warning-reuters.md) | -5.8% | +0.4% |
| BRENT | 2020-05-20 | [A month after oil plunged into the abyss, prices are surging - Moneyweb](https://feedsoft.ai/events/53305-a-month-after-oil-plunged-into-the-abyss-prices-are-surging-moneyweb.md) | -0.4% | +19.9% |
| BRENT | 2026-09-08 | [Ringgit ends lower as oil prices rise, Fed decision looms \| Malay Mail](https://feedsoft.ai/events/17731-ringgit-ends-lower-as-oil-prices-rise-fed-decision-looms-malay-mail.md) | +10.4% | +7.7% |
| BRENT | 2017-04-12 | [Syria, OPEC, and Oil Prices](https://feedsoft.ai/events/71674-syria-opec-and-oil-prices.md) | -5.0% | -11.4% |
| DIESEL | 2018-08-26 | [Why Diesel Prices Are Set To Soar](https://feedsoft.ai/events/63722-why-diesel-prices-are-set-to-soar.md) | +1.8% | +3.9% |
| DIESEL | 2018-05-18 | [Here’s why diesel prices are aiming for record highs - MarketWatch](https://feedsoft.ai/events/65187-here-s-why-diesel-prices-are-aiming-for-record-highs-marketwatch.md) | -1.0% | -9.0% |
| DIESEL | 2022-04-28 | [Why diesel prices are driving up the cost of everything](https://feedsoft.ai/events/42030-why-diesel-prices-are-driving-up-the-cost-of-everything.md) | -3.1% | -16.2% |

## Sources

- nytimes.com: https://www.nytimes.com/2018/07/04/business/energy-environment/oil-prices-opec.html

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