# Oil jumps the most since Nov 2016 after OPEC's moderate supply hike

> WTI jumped 4.6% to $68.58, its biggest daily gain since November 2016, after OPEC agreed to return to full compliance with output cuts. Saudi Arabia estimated a nominal rise of about 1 million bpd, while Iraq put the real increase near 770,000 bpd.

- Date: 2018-06-22 · published 2018-06-22T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/8783-oil-jumps-the-most-since-nov-2016-after-opec-s-moderate-supply-hike
- Commodities: [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The OPEC increase was smaller than expected, leaving the market tight and supporting crude prices and the energy costs that feed into feed production.

## Read by commodity

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

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2018-06-27 | 5 | +14.9% | 3.8 | OPEC's smaller-than-feared supply hike produced a 4.6% jump on 6/22, which sets the start of the window's rally and the base for the 5-day move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| PALMOIL | 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) | -2.6% | -15.2% |
| PALMOIL | 2016-12-10 | [OPEC, non-OPEC agree first global oil pact since 2001](https://feedsoft.ai/events/73369-opec-non-opec-agree-first-global-oil-pact-since-2001.md) | +1.2% | -0.9% |
| PALMOIL | 2025-06-09 | [CPO export levy hike may jeopardize subsidized cooking oil supply - Markets - The Jakarta Post](https://feedsoft.ai/events/15554-cpo-export-levy-hike-may-jeopardize-subsidized-cooking-oil-supply-markets-the.md) | -0.2% | +5.4% |
| PALMOIL | 2022-11-10 | [Mandatory B40 risky after CPO policy missteps - Fri, November 11, 2022 - The Jakarta Post](https://feedsoft.ai/events/15775-mandatory-b40-risky-after-cpo-policy-missteps-fri-november-11-2022-the-jakarta.md) | -0.0% | +0.4% |
| PALMOIL | 2026-10-11 | [Indonesia Export Shake-Up Threatens Palm Oil Supply From 2027](https://feedsoft.ai/events/15440-indonesia-export-shake-up-threatens-palm-oil-supply-from-2027.md) | +1.0% | — |
| WTI | 2018-06-22 | [Oil jumps as OPEC agrees to modest output hikes - The Globe and Mail](https://feedsoft.ai/events/11573-oil-jumps-as-opec-agrees-to-modest-output-hikes-the-globe-and-mail.md) | +11.9% | +7.2% |
| WTI | 2022-09-04 | [Oil Jumps Near $90 After OPEC+ Surprises With Token Supply Cut - Bloomberg](https://feedsoft.ai/events/39754-oil-jumps-near-90-after-opec-surprises-with-token-supply-cut-bloomberg.md) | +1.0% | -3.7% |
| WTI | 2025-10-01 | [Oil settles up after OPEC+ opts for modest output hike](https://feedsoft.ai/events/22769-oil-settles-up-after-opec-opts-for-modest-output-hike.md) | -1.0% | -3.5% |

## Sources

- cbc.ca: https://www.cbc.ca/news/canada/calgary/opec-production-up-3-barrel-1.4719244
- cnbc.com: https://www.cnbc.com/2018/06/21/oil-markets-opec-meeting-in-vienna-in-focus.html

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