# Oil gains after Saudi vows to cap crude exports next month

> Saudi Arabia said it would limit crude exports to 6.6 million bpd in August, almost 1 million bpd below a year earlier, and was prepared to extend the 1.8 million bpd OPEC-plus supply cut beyond March if needed. Brent and NYMEX crude erased early losses and rose on the pledge. The UAE energy minister said OPEC may need to consider extending its cuts at the November meeting.

- Date: 2017-07-24 · published 2017-07-24T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/70156-oil-gains-after-saudi-vows-to-cap-crude-exports-next-month
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Lower Saudi exports tighten global crude supply and support energy costs, which feed through to diesel, freight and feed processing expenses for buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-08-01 | [Saudi Arabia expected to extend voluntary oil cut for September, analysts say](https://feedsoft.ai/events/34943-saudi-arabia-expected-to-extend-voluntary-oil-cut-for-september-analysts-say.md) | +0.6% | -0.6% |
| BRENT | 2023-10-04 | [Saudi Arabia, Russia to continue voluntary oil cuts \| Reuters](https://feedsoft.ai/events/33520-saudi-arabia-russia-to-continue-voluntary-oil-cuts-reuters.md) | -3.8% | -6.0% |
| 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 | 2020-12-02 | [Oil Hits 9-Month High After OPEC+ Agrees to Gradual Output Hike - Bloomberg](https://feedsoft.ai/events/49555-oil-hits-9-month-high-after-opec-agrees-to-gradual-output-hike-bloomberg.md) | +3.4% | +8.1% |
| 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% |
| WTI | 2023-08-01 | [Saudi Arabia expected to extend voluntary oil cut for September, analysts say](https://feedsoft.ai/events/34943-saudi-arabia-expected-to-extend-voluntary-oil-cut-for-september-analysts-say.md) | +0.2% | -1.6% |
| WTI | 2023-10-04 | [Saudi Arabia, Russia to continue voluntary oil cuts \| Reuters](https://feedsoft.ai/events/33520-saudi-arabia-russia-to-continue-voluntary-oil-cuts-reuters.md) | -3.7% | -8.8% |
| 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% |

## Sources

- gulfnews.com: https://gulfnews.com/business/energy/oil-gains-after-saudi-vows-to-cap-crude-exports-next-month-1.2063774

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