# OPEC and allies agree to cut oil production

> OPEC and allies agreed to remove 1.2 million barrels per day from the market for the first half of 2019, with OPEC cutting 800,000 bpd and Russia and others 400,000 bpd. Brent traded near $63, up about 4.9 percent.

- Date: 2018-12-07 · published 2018-12-07T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The coordinated cut removes a substantial volume of crude supply, pushing energy prices higher and supporting biofuel demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| BRENT | 2018-12-07 | 1 | +6.7% | 3.4 | Details of the 1.2 million bpd cut for H1 2019 with Brent up about 4.9% directly match the move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-07-01 | [Opec and allies extend oil production cuts to end of July](https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july.md) | +4.2% | +4.9% |
| WTI | 2023-11-30 | [OPEC+ agrees to oil production cut  \| Oil & Gas Journal](https://feedsoft.ai/events/33087-opec-agrees-to-oil-production-cut-oil-and-gas-journal.md) | -11.0% | -7.4% |
| WTI | 2021-03-04 | [OPEC And Allies Keep Oil Production Steady : NPR](https://feedsoft.ai/events/48040-opec-and-allies-keep-oil-production-steady-npr.md) | +5.1% | -3.5% |
| WTI | 2022-12-04 | [OPEC+ agrees to maintain oil production targets](https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets.md) | -11.1% | -3.8% |
| WTI | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.5% | +4.7% |
| BRENT | 2020-07-01 | [Opec and allies extend oil production cuts to end of July](https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july.md) | +4.3% | +4.3% |
| BRENT | 2023-11-30 | [OPEC+ agrees to oil production cut  \| Oil & Gas Journal](https://feedsoft.ai/events/33087-opec-agrees-to-oil-production-cut-oil-and-gas-journal.md) | -10.5% | -5.2% |
| BRENT | 2021-03-04 | [OPEC And Allies Keep Oil Production Steady : NPR](https://feedsoft.ai/events/48040-opec-and-allies-keep-oil-production-steady-npr.md) | +5.2% | -1.3% |

## Sources

- bbc.co.uk: https://www.bbc.co.uk/news/business-46488369
- cnbc.com: https://www.cnbc.com/2018/12/07/opec-meeting-saudi-arabia-and-russia-look-to-impose-production-cuts.html

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