# Saudi Arabia, OPEC and non-OPEC producers to continue cooperation until end of 2018 - Reuters — Octa

> Reuters reported that Saudi Arabia, other OPEC members and non-OPEC allies intend to keep the global supply-cut pact through the end of 2018. Any adjustment would be gradual, and no decision has been made on volume or timing. A Gulf source said the market is moving toward balance but producers are not yet ready to fully lift controls.

- Date: 2018-05-30 · published 2018-05-30T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/64940-saudi-arabia-opec-and-non-opec-producers-to-continue-cooperation-until-end-of
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A gradual, uncommitted path to higher supply limits the bearish pressure on crude, so energy costs for biofuel feedstocks may stay firmer than the headline increase suggests. The outcome remains uncertain until a decision is made.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-08-02 | [OPEC, Saudi Arabia, and Sanctions Update: Connecting the Dots](https://feedsoft.ai/events/69363-opec-saudi-arabia-and-sanctions-update-connecting-the-dots.md) | -0.2% | -5.5% |
| WTI | 2017-03-07 | [Saudi oil minister says no 'free rides' for non-OPEC producers](https://feedsoft.ai/events/71901-saudi-oil-minister-says-no-free-rides-for-non-opec-producers.md) | -9.6% | -5.5% |
| WTI | 2021-02-19 | [Saudi Arabia and Russia at odds before crucial OPEC meeting](https://feedsoft.ai/events/48552-saudi-arabia-and-russia-at-odds-before-crucial-opec-meeting.md) | +5.0% | -0.8% |
| WTI | 2026-06-07 | [Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman Adjust Production and Reaffirm Commitment to Market Stability](https://feedsoft.ai/events/18717-saudi-arabia-russia-iraq-kuwait-kazakhstan-algeria-and-oman-adjust-production.md) | -6.1% | -25.6% |
| WTI | 2017-02-01 | [Saudi Arabia cannot escape destiny as swing producer: Kemp](https://feedsoft.ai/events/72412-saudi-arabia-cannot-escape-destiny-as-swing-producer-kemp.md) | -1.1% | +2.0% |
| BRENT | 2017-08-02 | [OPEC, Saudi Arabia, and Sanctions Update: Connecting the Dots](https://feedsoft.ai/events/69363-opec-saudi-arabia-and-sanctions-update-connecting-the-dots.md) | +0.9% | +0.2% |
| BRENT | 2017-03-07 | [Saudi oil minister says no 'free rides' for non-OPEC producers](https://feedsoft.ai/events/71901-saudi-oil-minister-says-no-free-rides-for-non-opec-producers.md) | -8.4% | -5.0% |
| BRENT | 2019-02-21 | [Column: Saudi Arabia resumes familiar role as swing producer](https://feedsoft.ai/events/60518-column-saudi-arabia-resumes-familiar-role-as-swing-producer.md) | -1.5% | +2.2% |

## Sources

- markets.businessinsider.com: https://markets.businessinsider.com/commodities/news/oil-price-opec-keeping-supply-cuts-through-2018-report-2018-5-1025867317
- octaafrica.net: https://www.octaafrica.net/markets/news/view/574058/

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