# Saudis Focus on Oil-Export Curbs as Libya, Nigeria Pump More - Bloomberg

> Saudi Arabia pledged to cap crude shipments at 6.6 million barrels a day in August, one million below a year earlier. Energy Minister Khalid Al-Falih said the kingdom won't act alone and other nations must improve compliance, after meeting OPEC and Russian producers in St. Petersburg. Libya and Nigeria were told they can keep increasing output.

- Date: 2017-07-24 · published 2017-07-24T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/69864-saudis-focus-on-oil-export-curbs-as-libya-nigeria-pump-more-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Deeper Saudi export cuts tighten crude supply and support oil prices, which feed into diesel costs and energy-linked feed inputs. Continued Libyan and Nigerian increases partly offset the cuts, limiting the price upside.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-06-30 | [Oil Ekes Out a Weekly Gain Amid Libya and Ecuador Export Woes - Bloomberg](https://feedsoft.ai/events/41109-oil-ekes-out-a-weekly-gain-amid-libya-and-ecuador-export-woes-bloomberg.md) | -6.3% | -11.5% |
| WTI | 2019-04-21 | [Oil Leaps to 6-Month High as U.S. Vows to Strangle Iran Exports - Bloomberg](https://feedsoft.ai/events/9607-oil-leaps-to-6-month-high-as-u-s-vows-to-strangle-iran-exports-bloomberg.md) | -1.1% | -1.9% |
| WTI | 2019-09-15 | [Crude Oil Prices Surge Most Ever After Attack Cuts Saudi Supplies - Bloomberg](https://feedsoft.ai/events/6927-crude-oil-prices-surge-most-ever-after-attack-cuts-saudi-supplies-bloomberg.md) | +5.8% | -0.1% |
| WTI | 2020-05-16 | [OPEC+ Supply Cuts: Latest Oil Market News on Output Status - Bloomberg](https://feedsoft.ai/events/53027-opec-supply-cuts-latest-oil-market-news-on-output-status-bloomberg.md) | +13.5% | +26.0% |
| WTI | 2018-10-03 | [Fresh Blow for Emerging Markets as Rising Oil Hits Importers - Bloomberg](https://feedsoft.ai/events/7667-fresh-blow-for-emerging-markets-as-rising-oil-hits-importers-bloomberg.md) | -0.3% | -12.0% |
| BRENT | 2022-06-30 | [Oil Ekes Out a Weekly Gain Amid Libya and Ecuador Export Woes - Bloomberg](https://feedsoft.ai/events/41109-oil-ekes-out-a-weekly-gain-amid-libya-and-ecuador-export-woes-bloomberg.md) | -11.8% | -8.8% |
| BRENT | 2019-04-21 | [Oil Leaps to 6-Month High as U.S. Vows to Strangle Iran Exports - Bloomberg](https://feedsoft.ai/events/9607-oil-leaps-to-6-month-high-as-u-s-vows-to-strangle-iran-exports-bloomberg.md) | +0.4% | +2.4% |
| BRENT | 2019-09-15 | [Crude Oil Prices Surge Most Ever After Attack Cuts Saudi Supplies - Bloomberg](https://feedsoft.ai/events/6927-crude-oil-prices-surge-most-ever-after-attack-cuts-saudi-supplies-bloomberg.md) | +6.6% | -0.3% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2017-07-24/saudis-stress-commitment-to-cuts-as-opec-deal-sees-few-tweaks

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