# Oil producers will cooperate beyond 2018, says Saudi Arabia

> Saudi Arabia's energy minister Khalid al-Falih said oil producers agreed to keep cooperating on production after the supply-cut deal expires at the end of 2018. The mechanism has not been decided, and the minister said any extension would not necessarily keep current country targets.

- Date: 2018-01-21 · published 2018-01-21T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/66898-oil-producers-will-cooperate-beyond-2018-says-saudi-arabia
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A commitment to extend supply cuts beyond 2018 signals continued tightening of the market, which supports crude prices and raises energy costs for feed production and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-04-02 | [Leaders of the UAE, OPEC’s biggest producer Saudi Arabia and non-OPEC member Russia support extending energy cooperation beyond 2018.](https://feedsoft.ai/events/65429-leaders-of-the-uae-opec-s-biggest-producer-saudi-arabia-and-non-opec-member.md) | -4.1% | +7.7% |
| BRENT | 2023-06-05 | [Saudi Arabia's 'icing on the cake' oil cut could feed US producers](https://feedsoft.ai/events/35400-saudi-arabia-s-icing-on-the-cake-oil-cut-could-feed-us-producers.md) | -1.7% | -1.8% |
| BRENT | 2022-09-05 | [OPEC+ Will Remain Proactive After Agreeing Production Cut, Saudi Arabia Says - Bloomberg](https://feedsoft.ai/events/39514-opec-will-remain-proactive-after-agreeing-production-cut-saudi-arabia-says.md) | -0.9% | -5.0% |
| BRENT | 2019-12-06 | [OPEC: Saudi Arabia and Russia impose deeper oil production cuts](https://feedsoft.ai/events/55491-opec-saudi-arabia-and-russia-impose-deeper-oil-production-cuts.md) | +1.4% | +7.8% |
| BRENT | 2023-09-05 | [Saudi Arabia, Russia extend oil production cuts to end of year](https://feedsoft.ai/events/34026-saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year.md) | +2.0% | +1.7% |
| WTI | 2018-04-02 | [Leaders of the UAE, OPEC’s biggest producer Saudi Arabia and non-OPEC member Russia support extending energy cooperation beyond 2018.](https://feedsoft.ai/events/65429-leaders-of-the-uae-opec-s-biggest-producer-saudi-arabia-and-non-opec-member.md) | -4.4% | +5.0% |
| WTI | 2023-06-05 | [Saudi Arabia's 'icing on the cake' oil cut could feed US producers](https://feedsoft.ai/events/35400-saudi-arabia-s-icing-on-the-cake-oil-cut-could-feed-us-producers.md) | -2.2% | -2.8% |
| WTI | 2022-09-05 | [OPEC+ Will Remain Proactive After Agreeing Production Cut, Saudi Arabia Says - Bloomberg](https://feedsoft.ai/events/39514-opec-will-remain-proactive-after-agreeing-production-cut-saudi-arabia-says.md) | +1.0% | -3.7% |

## Sources

- hydrocarbonprocessing.com: https://www.hydrocarbonprocessing.com/news/2018/01/oil-producers-will-cooperate-beyond-2018-says-saudi-arabia/

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