# Oil prices: Brent crude, WTI surge after OPEC producers announce production cuts | CNN Business

> Brent and WTI crude jumped after OPEC producers announced production cuts, with Brent rising about 5.3% in early trading. An official with the Saudi Ministry of Energy said the cuts would run through year end.

- Date: 2023-04-02 · published 2023-04-02T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/7953-oil-prices-brent-crude-wti-surge-after-opec-producers-announce-production-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The production cut tightens crude supply and raises energy input costs for feed producers. Higher fuel prices can also feed into inflation and support biofuel-linked vegetable oil demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2023-04-03 | 1 | +8.4% | 4.0 | Shows Brent and WTI jumping in early trading on the cut announcement, confirming the supply-driven price reaction. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-03-04 | [Oil prices surge as OPEC and its allies extend production cuts \| CNN Business](https://feedsoft.ai/events/48045-oil-prices-surge-as-opec-and-its-allies-extend-production-cuts-cnn-business.md) | +5.2% | -1.3% |
| BRENT | 2022-10-05 | [OPEC announces big cut in oil production despite US pressure \| CNN Business](https://feedsoft.ai/events/39058-opec-announces-big-cut-in-oil-production-despite-us-pressure-cnn-business.md) | +2.1% | +2.3% |
| BRENT | 2023-11-30 | [OPEC+ members agree to significant voluntary oil production cuts \| CNN Business](https://feedsoft.ai/events/33086-opec-members-agree-to-significant-voluntary-oil-production-cuts-cnn-business.md) | -10.5% | -5.2% |
| BRENT | 2024-06-02 | [OPEC+ to extend deep oil production cuts into 2025 \| CNN Business](https://feedsoft.ai/events/29654-opec-to-extend-deep-oil-production-cuts-into-2025-cnn-business.md) | -2.0% | +7.9% |
| BRENT | 2023-04-03 | [Oil Prices Jump After Surprise OPEC Production Cut - The New York Times](https://feedsoft.ai/events/7948-oil-prices-jump-after-surprise-opec-production-cut-the-new-york-times.md) | +7.4% | +1.0% |
| WTI | 2021-03-04 | [Oil prices surge as OPEC and its allies extend production cuts \| CNN Business](https://feedsoft.ai/events/48045-oil-prices-surge-as-opec-and-its-allies-extend-production-cuts-cnn-business.md) | +5.1% | -3.5% |
| WTI | 2022-10-05 | [OPEC announces big cut in oil production despite US pressure \| CNN Business](https://feedsoft.ai/events/39058-opec-announces-big-cut-in-oil-production-despite-us-pressure-cnn-business.md) | +3.3% | +1.9% |
| WTI | 2023-11-30 | [OPEC+ members agree to significant voluntary oil production cuts \| CNN Business](https://feedsoft.ai/events/33086-opec-members-agree-to-significant-voluntary-oil-production-cuts-cnn-business.md) | -11.0% | -7.4% |

## Sources

- cnn.com: https://www.cnn.com/2023/04/02/business/opec-production-cuts

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