# Oil Prices Jump After Surprise OPEC Production Cut - The New York Times

> Traders bid up crude after OPEC+ announced production cuts totaling more than 1.1 million barrels per day, about 1 percent of global output, starting next month. Brent crude rose more than 6% on the news.

- Date: 2023-04-03 · published 2023-04-03T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/7948-oil-prices-jump-after-surprise-opec-production-cut-the-new-york-times
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Removing about 1 percent of global supply tightens the crude balance and raises energy input costs for feed producers. Higher oil prices also support biofuel feedstock demand, which can lift soybean oil and palm oil.

## Read by commodity

- SBO: bullish ▲
- WTI: bullish ▲
- BRENT: bullish ▲
- PALMOIL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-04-03 | 1 | +8.4% | 4.0 | Reports traders bid up crude on the surprise OPEC+ cut of over 1.1 mb/d, a supply shock that lifted Brent more than 6%. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-06-05 | [Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times](https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times.md) | -1.7% | -1.8% |
| BRENT | 2018-12-07 | [Oil Prices Jump After OPEC Agrees To Bigger-Than-Expected Production Cut : NPR](https://feedsoft.ai/events/10628-oil-prices-jump-after-opec-agrees-to-bigger-than-expected-production-cut-npr.md) | +2.2% | -2.9% |
| BRENT | 2020-06-06 | [OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times](https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times.md) | -7.2% | +3.3% |
| BRENT | 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) | +1.5% | -6.3% |
| BRENT | 2023-04-02 | [Oil prices surge after surprise move to cut output](https://feedsoft.ai/events/7947-oil-prices-surge-after-surprise-move-to-cut-output.md) | +7.4% | +1.0% |
| WTI | 2023-06-05 | [Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times](https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times.md) | -2.2% | -2.8% |
| WTI | 2018-12-07 | [Oil Prices Jump After OPEC Agrees To Bigger-Than-Expected Production Cut : NPR](https://feedsoft.ai/events/10628-oil-prices-jump-after-opec-agrees-to-bigger-than-expected-production-cut-npr.md) | +2.2% | -6.2% |
| WTI | 2020-06-06 | [OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times](https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times.md) | -8.3% | +2.6% |

## Sources

- nytimes.com: https://www.nytimes.com/2023/04/03/business/oil-prices-opec-cut.html

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