# Oil price rises sharply as Opec members hint at deal to limit production

> Brent crude rose more than 7 percent to $49.80 a barrel after leading oil producers gathered to discuss possible action to reduce oversupply. Market participants reacted to comments hinting at a production limit.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/8570-oil-price-rises-sharply-as-opec-members-hint-at-deal-to-limit-production
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations of an OPEC supply cut push crude prices higher, which raises energy and transport costs for feed producers. The price move depends on whether a formal agreement follows.

## Read by commodity

- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2016-11-30 | 1 | +8.1% | 3.8 | Describes earlier-session Brent gains on hints of an OPEC deal, showing anticipatory sentiment that fed into the final move. |
| BRENT | 2016-12-01 | 1 | +9.0% | 3.6 | Brent rose more than 7% on hints of an OPEC production limit, which contributed to the first leg of the rally. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-12-05 | [OPEC+ members to delay oil production increases](https://feedsoft.ai/events/26872-opec-members-to-delay-oil-production-increases.md) | +0.6% | +4.3% |
| 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 | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +16.7% | +22.1% |
| BRENT | 2021-01-05 | [Saudi Arabia to Cut Oil Production Sharply in Bid to Lift Prices - WSJ](https://feedsoft.ai/events/49053-saudi-arabia-to-cut-oil-production-sharply-in-bid-to-lift-prices-wsj.md) | +8.9% | +11.2% |
| BRENT | 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) | +11.3% | +7.7% |

## Sources

- theguardian.com: https://www.theguardian.com/business/2016/nov/30/opec-deal-oil-production-vienna-meeting-oversupply

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