# Oil soars, Brent hits 16-month high after OPEC output deal | Reuters

> Oil prices rose about 4 percent on Thursday, with Brent crude at its highest in roughly 16 months. OPEC and Russia had agreed to restrict output to reduce the global supply glut, OPEC's first oil output reduction since 2008. Brent settled at $53.94 after touching $54.53 earlier in the session.

- Date: 2016-12-01 · published 2016-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/9699-oil-soars-brent-hits-16-month-high-after-opec-output-deal-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A coordinated output cut tightens crude supply and lifts crude prices, which raises energy and diesel costs for feed producers and feeds into freight and fertilizer costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2016-12-01 | 1 | +9.0% | 3.6 | It describes the Brent rally to a 16-month high on the OPEC and Russia output restriction, but the 4% figure and Dec 1 dating make it a partial match. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-12-02 | [Oil Hits 9-Month High After OPEC+ Agrees to Gradual Output Hike - Bloomberg](https://feedsoft.ai/events/49555-oil-hits-9-month-high-after-opec-agrees-to-gradual-output-hike-bloomberg.md) | +3.4% | +8.1% |
| BRENT | 2024-09-05 | [OPEC+ agrees to delay October oil output hike for two months \| Reuters](https://feedsoft.ai/events/28238-opec-agrees-to-delay-october-oil-output-hike-for-two-months-reuters.md) | -4.4% | +1.0% |
| BRENT | 2016-11-30 | [Oil jumps over 10 percent as OPEC finalizes output cut deal \| Reuters](https://feedsoft.ai/events/8564-oil-jumps-over-10-percent-as-opec-finalizes-output-cut-deal-reuters.md) | +16.7% | +22.1% |
| BRENT | 2019-06-29 | [Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters](https://feedsoft.ai/events/58525-russia-agrees-with-saudi-arabia-to-extend-opec-oil-output-deal-reuters.md) | -4.2% | -6.1% |
| BRENT | 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) | -2.2% | -5.2% |
| WTI | 2020-12-02 | [Oil Hits 9-Month High After OPEC+ Agrees to Gradual Output Hike - Bloomberg](https://feedsoft.ai/events/49555-oil-hits-9-month-high-after-opec-agrees-to-gradual-output-hike-bloomberg.md) | +2.4% | +8.4% |
| WTI | 2024-09-05 | [OPEC+ agrees to delay October oil output hike for two months \| Reuters](https://feedsoft.ai/events/28238-opec-agrees-to-delay-october-oil-output-hike-for-two-months-reuters.md) | -2.7% | +1.0% |
| WTI | 2016-11-30 | [Oil jumps over 10 percent as OPEC finalizes output cut deal \| Reuters](https://feedsoft.ai/events/8564-oil-jumps-over-10-percent-as-opec-finalizes-output-cut-deal-reuters.md) | +12.5% | +19.3% |

## Sources

- reuters.com: https://www.reuters.com/article/business/oil-soars-brent-hits-16-month-high-after-opec-output-deal-idUSKBN13Q35H/

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