# Saudis to cut oil output by 0.5 million bpd in OPEC deal: source

> Saudi Arabia agreed to cut its oil output to 10.06 million barrels per day under a new OPEC production-limiting deal, down from 10.54 million bpd in October, an OPEC source told Reuters. The source also said OPEC agreed at its Vienna ministerial meeting to suspend Indonesia from the group and to set Iran's production at 3.797 million bpd.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/73785-saudis-to-cut-oil-output-by-0-5-million-bpd-in-opec-deal-source
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A coordinated OPEC cut removes supply from a market that has been oversupplied for two years, which supports crude prices. Higher crude lifts energy-linked costs and vegetable oil and biofuel economics, which indirectly affects feed ingredient prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-07 | [OPEC gets Iran green light to cut oil output by 0.8 million barrels per day: source](https://feedsoft.ai/events/61455-opec-gets-iran-green-light-to-cut-oil-output-by-0-8-million-barrels-per-day.md) | +2.2% | -6.2% |
| WTI | 2020-03-05 | [OPEC recommends 1.5 million bpd additional output cut](https://feedsoft.ai/events/54056-opec-recommends-1-5-million-bpd-additional-output-cut.md) | -29.3% | -56.6% |
| WTI | 2022-09-27 | [Russia seen suggesting OPEC+ cuts oil output by 1 mln bpd - source](https://feedsoft.ai/events/39761-russia-seen-suggesting-opec-cuts-oil-output-by-1-mln-bpd-source.md) | +9.0% | +11.1% |
| WTI | 2023-09-05 | [Arab News \| Saudi Arabia extends 1 million bpd oil output cut through December](https://feedsoft.ai/events/34024-arab-news-saudi-arabia-extends-1-million-bpd-oil-output-cut-through-december.md) | +2.1% | +3.8% |
| WTI | 2016-12-01 | [OPEC reaches first deal to cut oil output since 2008](https://feedsoft.ai/events/9701-opec-reaches-first-deal-to-cut-oil-output-since-2008.md) | +0.8% | +8.8% |
| BRENT | 2018-12-07 | [OPEC gets Iran green light to cut oil output by 0.8 million barrels per day: source](https://feedsoft.ai/events/61455-opec-gets-iran-green-light-to-cut-oil-output-by-0-8-million-barrels-per-day.md) | +2.2% | -2.9% |
| BRENT | 2020-03-05 | [OPEC recommends 1.5 million bpd additional output cut](https://feedsoft.ai/events/54056-opec-recommends-1-5-million-bpd-additional-output-cut.md) | -31.8% | -62.6% |
| BRENT | 2022-09-27 | [Russia seen suggesting OPEC+ cuts oil output by 1 mln bpd - source](https://feedsoft.ai/events/39761-russia-seen-suggesting-opec-cuts-oil-output-by-1-mln-bpd-source.md) | +7.8% | +10.9% |

## Sources

- reuters.com: https://www.reuters.com/article/us-opec-meeting-saudi-cuts-idUSKBN13P1WN/

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