# Crude Climbs as OPEC and Allies Finalize Production Limitations - Bloomberg

> Futures rose more than 2 percent in New York and London as OPEC and allied nations finalized a plan to curb output by 1.2 million barrels per day, about 20 percent more than previously discussed.

- Date: 2018-12-06 · published 2018-12-06T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/10631-crude-climbs-as-opec-and-allies-finalize-production-limitations-bloomberg
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A larger-than-discussed production cut tightens crude supply, supporting energy prices and related 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 | Prior-day finalization of the cut plan lifted prices and set up the follow-through on the formal announcement, though it is largely priced in before the 12-07 move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -6.2% |
| WTI | 2019-06-30 | [OPEC Production Falls in June as Cartel Moves to Prolong Cuts - Bloomberg](https://feedsoft.ai/events/58524-opec-production-falls-in-june-as-cartel-moves-to-prolong-cuts-bloomberg.md) | -1.4% | -2.5% |
| 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 | 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 | 2023-04-02 | [OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - Bloomberg](https://feedsoft.ai/events/36323-opec-makes-surprise-1-million-barrel-oil-production-cut-bloomberg.md) | +5.4% | -0.0% |
| BRENT | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -2.9% |
| BRENT | 2019-06-30 | [OPEC Production Falls in June as Cartel Moves to Prolong Cuts - Bloomberg](https://feedsoft.ai/events/58524-opec-production-falls-in-june-as-cartel-moves-to-prolong-cuts-bloomberg.md) | -4.2% | -6.1% |
| 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

- bloomberg.com: https://www.bloomberg.com/news/articles/2018-12-06/oil-holds-loss-as-opec-talks-end-without-deal-to-curb-production

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