# Oil is surging this morning on news that OPEC is cutting output like never before - Financial Post

> Oil rose more than 1 percent after the IEA reported record initial OPEC compliance of 90 percent in January. Brent traded near $56.29 and WTI near $56.56, and the IEA said the global stock overhang could fall by about 600,000 bpd over six months.

- Date: 2017-02-10 · published 2017-02-10T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/72668-oil-is-surging-this-morning-on-news-that-opec-is-cutting-output-like-never
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Record compliance and a shrinking inventory overhang support crude and diesel costs, which raise the cost of grain and feed logistics.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-11-29 | [OPEC oil output falls by 110,000 bpd in November -Reuters survey \| Financial Post](https://feedsoft.ai/events/55956-opec-oil-output-falls-by-110-000-bpd-in-november-reuters-survey-financial-post.md) | +0.5% | +6.2% |
| WTI | 2017-02-10 | [Oil prices climb but North American output surge poses fresh challenge for OPEC - Financial Post](https://feedsoft.ai/events/72666-oil-prices-climb-but-north-american-output-surge-poses-fresh-challenge-for-opec.md) | +0.8% | -9.1% |
| WTI | 2019-11-30 | [OPEC November oil output slips before Aramco IPO, policy meeting](https://feedsoft.ai/events/55952-opec-november-oil-output-slips-before-aramco-ipo-policy-meeting.md) | +3.6% | +8.1% |
| WTI | 2024-01-31 | [OPEC oil output falls in January on new cuts, Libya - survey \| Reuters](https://feedsoft.ai/events/32028-opec-oil-output-falls-in-january-on-new-cuts-libya-survey-reuters.md) | -6.0% | +1.3% |
| WTI | 2018-04-13 | ['Mission accomplished': OPEC has succeeded in shrinking oil stocks, IEA says - Financial Post](https://feedsoft.ai/events/65425-mission-accomplished-opec-has-succeeded-in-shrinking-oil-stocks-iea-says.md) | +1.8% | +6.4% |
| BRENT | 2019-11-29 | [OPEC oil output falls by 110,000 bpd in November -Reuters survey \| Financial Post](https://feedsoft.ai/events/55956-opec-oil-output-falls-by-110-000-bpd-in-november-reuters-survey-financial-post.md) | +0.2% | +6.5% |
| BRENT | 2017-02-10 | [Oil prices climb but North American output surge poses fresh challenge for OPEC - Financial Post](https://feedsoft.ai/events/72666-oil-prices-climb-but-north-american-output-surge-poses-fresh-challenge-for-opec.md) | +0.2% | -6.2% |
| BRENT | 2019-11-30 | [OPEC November oil output slips before Aramco IPO, policy meeting](https://feedsoft.ai/events/55952-opec-november-oil-output-slips-before-aramco-ipo-policy-meeting.md) | +3.1% | +7.7% |

## Sources

- financialpost.com: https://financialpost.com/energy/oil-is-surging-this-morning-on-news-opec-is-cutting-output-like-never-before/

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