# Saudi Crown Prince Backs Extending OPEC Cuts Into 2018

> Saudi Crown Prince Mohammed bin Salman backed extending OPEC production cuts beyond March 2018. The statement makes a roll-over at the next OPEC meeting in November highly likely.

- Date: 2017-11-01 · published 2017-11-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/68376-saudi-crown-prince-backs-extending-opec-cuts-into-2018
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Extended cuts keep roughly 1.8 million bpd off the market through 2018, which supports crude prices and raises input costs for feed production and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-06-04 | [Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024](https://feedsoft.ai/events/35396-saudi-pledges-big-oil-cuts-in-july-as-opec-extends-deal-into-2024.md) | -1.7% | -1.8% |
| BRENT | 2024-02-05 | [OPEC+ to decide on extending oil production cuts into Q2 2024 in March](https://feedsoft.ai/events/31564-opec-to-decide-on-extending-oil-production-cuts-into-q2-2024-in-march.md) | +5.7% | +7.3% |
| BRENT | 2024-05-02 | [Oil alliance OPEC+ extends collective crude production cuts into 2025](https://feedsoft.ai/events/29653-oil-alliance-opec-extends-collective-crude-production-cuts-into-2025.md) | -0.6% | -2.2% |
| BRENT | 2021-03-04 | [OPEC+ extends most oil output cuts into April, Saudi keeps voluntary curb](https://feedsoft.ai/events/48039-opec-extends-most-oil-output-cuts-into-april-saudi-keeps-voluntary-curb.md) | +5.2% | -1.3% |
| BRENT | 2019-04-01 | [Saudi Arabia to Extend Deep Oil Output Cuts Into April](https://feedsoft.ai/events/60021-saudi-arabia-to-extend-deep-oil-output-cuts-into-april.md) | +2.9% | +5.1% |
| WTI | 2023-06-04 | [Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024](https://feedsoft.ai/events/35396-saudi-pledges-big-oil-cuts-in-july-as-opec-extends-deal-into-2024.md) | -2.2% | -2.8% |
| WTI | 2024-02-05 | [OPEC+ to decide on extending oil production cuts into Q2 2024 in March](https://feedsoft.ai/events/31564-opec-to-decide-on-extending-oil-production-cuts-into-q2-2024-in-march.md) | +6.3% | +9.4% |
| WTI | 2024-05-02 | [Oil alliance OPEC+ extends collective crude production cuts into 2025](https://feedsoft.ai/events/29653-oil-alliance-opec-extends-collective-crude-production-cuts-into-2025.md) | -0.1% | -1.9% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2017-10-26/saudi-crown-prince-backs-extending-opec-output-cuts-into-2018-j987r4ea

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