# How Saudi Arabia plans to end the oil glut - Financial Post

> Saudi Energy Minister Khalid al-Falih said the kingdom is determined to bring OECD inventories down to their five-year average. He added that producers may keep restraint in place after the pact ends, and that they are keeping their options open on an exit arrangement.

- Date: 2017-10-24 · published 2017-10-24T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/68383-how-saudi-arabia-plans-to-end-the-oil-glut-financial-post
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Signals of prolonged restraint reduce the risk of a glut when cuts end, supporting crude prices and energy costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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% |
| 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% |
| BRENT | 2023-06-05 | [Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times](https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times.md) | -1.7% | -1.8% |
| BRENT | 2026-09-08 | [OPEC+ sticks with plan to keep oil output quotas unchanged \| Financial Post](https://feedsoft.ai/events/17383-opec-sticks-with-plan-to-keep-oil-output-quotas-unchanged-financial-post.md) | +12.9% | +11.9% |
| 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% |
| WTI | 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) | +4.9% | +5.4% |
| WTI | 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) | +2.1% | +3.8% |
| WTI | 2023-06-05 | [Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times](https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times.md) | -2.2% | -2.8% |

## Sources

- financialpost.com: https://financialpost.com/news/how-saudi-arabia-plans-to-end-the-oil-glut/

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