# Finance Colombia   » Colombian Peso Soars on News of Global Oil Production Cuts

> The Colombian peso strengthened toward 2,986.50 per US dollar after OPEC and non-OPEC producers agreed to cut output, sending Brent to a high of about $56.36 per barrel. The combined pledges could remove around 1.5 million barrels per day from the market. The move was also helped by a weaker dollar ahead of the Federal Reserve meeting.

- Date: 2016-12-13 · published 2016-12-13T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/73737-finance-colombia-colombian-peso-soars-on-news-of-global-oil-production-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Colombian Peso (COP per USD)](https://feedsoft.ai/c/USDCOP.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md)

## Why it matters

Oil supply cuts lift crude prices, which tends to support vegetable oil and biofuel-linked feedstock prices and energy-linked costs for feed producers. A firmer oil complex also tends to push up diesel and freight costs.

## Read by commodity

- DXY: bearish ▼
- WTI: bullish ▲
- BRENT: bullish ▲
- USDCOP: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-04-11 | [Colombian peso gains on oil, Mideast tensions](https://feedsoft.ai/events/65789-colombian-peso-gains-on-oil-mideast-tensions.md) | +1.6% | +5.2% |
| WTI | 2026-03-03 | [Global oil and gas prices soar as Iran crisis disrupts shipping, production \| Reuters](https://feedsoft.ai/events/8777-global-oil-and-gas-prices-soar-as-iran-crisis-disrupts-shipping-production.md) | +33.1% | +46.3% |
| WTI | 2019-10-01 | [Saudi Arabia crude oil production outage affects global crude oil and gasoline prices](https://feedsoft.ai/events/57236-saudi-arabia-crude-oil-production-outage-affects-global-crude-oil-and-gasoline.md) | -2.5% | +2.9% |
| WTI | 2020-04-12 | [Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg](https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg.md) | -19.9% | +5.3% |
| WTI | 2018-05-11 | [Iranian Oil Squeeze Could Upset OPEC Agreement on Production Cuts](https://feedsoft.ai/events/65182-iranian-oil-squeeze-could-upset-opec-agreement-on-production-cuts.md) | +0.2% | -7.8% |
| BRENT | 2018-04-11 | [Colombian peso gains on oil, Mideast tensions](https://feedsoft.ai/events/65789-colombian-peso-gains-on-oil-mideast-tensions.md) | +1.1% | +5.2% |
| BRENT | 2026-03-03 | [Global oil and gas prices soar as Iran crisis disrupts shipping, production \| Reuters](https://feedsoft.ai/events/8777-global-oil-and-gas-prices-soar-as-iran-crisis-disrupts-shipping-production.md) | +24.7% | +51.3% |
| BRENT | 2019-10-01 | [Saudi Arabia crude oil production outage affects global crude oil and gasoline prices](https://feedsoft.ai/events/57236-saudi-arabia-crude-oil-production-outage-affects-global-crude-oil-and-gasoline.md) | -3.3% | +0.2% |

## Sources

- financecolombia.com: https://www.financecolombia.com/colombian-peso-strengthens-on-news-of-opec-oil-deal/

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