# Oil Up 7 Percent as Market Awaits Details of First OPEC Production Cut in Eight Years

> OPEC agreed its first oil output cut since 2008 at its Vienna meeting, with Saudi Arabia reportedly ready to accept a big hit to its own output. Indonesia was suspended from the group, and its output share is to be redistributed among other members. WTI and Brent rose about 7 to 8 percent as details of the cut were still being negotiated.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/74004-oil-up-7-percent-as-market-awaits-details-of-first-opec-production-cut-in-eight
- 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 supply cut tightens crude markets and lifts energy costs, which supports biofuel and ethanol economics and the value of corn, soybean oil and other energy-linked feed inputs. Higher crude also raises freight and fertiliser costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2016-11-30 | [Opec countries agree first oil output cut in eight years - BBC News](https://feedsoft.ai/events/8565-opec-countries-agree-first-oil-output-cut-in-eight-years-bbc-news.md) | +12.5% | +19.3% |
| WTI | 2017-09-22 | [Oil rises nearly 1 percent as OPEC defers extension of output cuts](https://feedsoft.ai/events/69123-oil-rises-nearly-1-percent-as-opec-defers-extension-of-output-cuts.md) | +2.0% | +1.4% |
| WTI | 2022-09-05 | [Oil: OPEC+ surprises energy markets with a small production cut](https://feedsoft.ai/events/39517-oil-opec-surprises-energy-markets-with-a-small-production-cut.md) | +1.0% | -3.7% |
| WTI | 2022-10-01 | [OPEC Raises Oil Production To Highest Level In Years](https://feedsoft.ai/events/39753-opec-raises-oil-production-to-highest-level-in-years.md) | +16.5% | +10.2% |
| 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 | 2016-11-30 | [Opec countries agree first oil output cut in eight years - BBC News](https://feedsoft.ai/events/8565-opec-countries-agree-first-oil-output-cut-in-eight-years-bbc-news.md) | +16.7% | +22.1% |
| BRENT | 2017-09-22 | [Oil rises nearly 1 percent as OPEC defers extension of output cuts](https://feedsoft.ai/events/69123-oil-rises-nearly-1-percent-as-opec-defers-extension-of-output-cuts.md) | +1.8% | +0.8% |

## Sources

- nbcnews.com: https://www.nbcnews.com/business/energy/oil-7-percent-market-awaits-details-first-opec-production-cut-n690151

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