# Global Oil Market Outlook Tempered by Resurgent U.S. Shale Production - AGSI

> OPEC and non-OPEC producers' production cuts, agreed in late 2016, have lifted benchmark crude prices by about 20 percent. WTI has traded at $52-53 a barrel and Brent at $55-56 so far in 2017, versus 2016 averages of $43 and $44. The article notes that US shale production is recovering and could temper the outlook.

- Date: 2017-01-27 · published 2017-01-27T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/73155-global-oil-market-outlook-tempered-by-resurgent-u-s-shale-production-agsi
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Higher crude prices raise diesel and energy costs for feed producers and push up the cost of transporting grain and feed. Rising US shale output may cap gains.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-05-05 | [Oil prices rally as production cuts mount \| S&P Global](https://feedsoft.ai/events/8044-oil-prices-rally-as-production-cuts-mount-s-and-p-global.md) | +17.7% | +80.3% |
| WTI | 2022-09-05 | [OPEC+ cuts oil production quotas by 100,000 b/d despite tight market](https://feedsoft.ai/events/39512-opec-cuts-oil-production-quotas-by-100-000-b-d-despite-tight-market.md) | +1.0% | -3.7% |
| WTI | 2023-12-06 | [OPEC+ Agrees to Additional Production Cuts: Market Responds With a Shrug \| Baker Institute](https://feedsoft.ai/events/32492-opec-agrees-to-additional-production-cuts-market-responds-with-a-shrug-baker.md) | -5.1% | +0.3% |
| WTI | 2017-03-01 | [Oil prices rise as OPEC production cut trims supply  \| Globalnews.ca](https://feedsoft.ai/events/72179-oil-prices-rise-as-opec-production-cut-trims-supply-globalnews-ca.md) | -2.2% | -10.4% |
| WTI | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +12.5% | +19.3% |
| BRENT | 2020-05-05 | [Oil prices rally as production cuts mount \| S&P Global](https://feedsoft.ai/events/8044-oil-prices-rally-as-production-cuts-mount-s-and-p-global.md) | +16.8% | +64.0% |
| BRENT | 2022-09-05 | [OPEC+ cuts oil production quotas by 100,000 b/d despite tight market](https://feedsoft.ai/events/39512-opec-cuts-oil-production-quotas-by-100-000-b-d-despite-tight-market.md) | -0.9% | -5.0% |
| BRENT | 2023-12-06 | [OPEC+ Agrees to Additional Production Cuts: Market Responds With a Shrug \| Baker Institute](https://feedsoft.ai/events/32492-opec-agrees-to-additional-production-cuts-market-responds-with-a-shrug-baker.md) | -4.6% | -0.7% |

## Sources

- agsi.org: https://agsi.org/analysis/global-oil-market-outlook-tempered-resurgent-u-s-shale-production/

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