# OPEC agrees first production cut since 2008

> OPEC and later non-OPEC producers agree to cut output, ending the 2014–16 oil glut slide.

- Date: 2016-11-30 · published 2016-11-30T12:00:00.000Z
- Category: policy · region Global
- Page: https://feedsoft.ai/events/2-opec-agrees-first-production-cut-since-2008
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2016-11-30 | 1 | +9.1% | 3.9 | OPEC's agreement in Vienna on 2016-11-30 to cut output by about 1.2 million bpd, its first cut since 2008, tightened expected supply and sharply lifted sentiment, which directly drove WTI's roughly 9% same-day jump. |
| WTI | 2016-11-30 | 1 | +9.2% | 4.0 | OPEC's agreement in Vienna on 2016-11-30 to cut output by about 1.2 million bpd, its first cut since 2008, tightened expected supply and sharply lifted sentiment, which directly drove WTI's roughly 9% same-day jump. |
| DIESEL | 2016-11-30 | 1 | +6.4% | 3.3 | OPEC's agreement on 2016-11-30 to cut crude output for the first time since 2008 sent crude prices sharply higher, raising the feedstock cost for diesel. The date matches the move exactly, and the agreement directly lifted ULSD prices that same day. |
| DIESEL | 2016-11-30 | 1 | +6.9% | 3.5 | OPEC's agreement on 2016-11-30 to cut crude output for the first time since 2008 sent crude prices sharply higher, raising the feedstock cost for diesel. The date matches the move exactly, and the agreement directly lifted ULSD prices that same day. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-11-30 | [OPEC agrees first output cut since 2008, details unclear](https://feedsoft.ai/events/8567-opec-agrees-first-output-cut-since-2008-details-unclear.md) | +12.5% | +19.3% |
| 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 | 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 | 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) | +0.8% | -1.3% |
| WTI | 2023-02-01 | [OPEC+ agrees to stick to current production scheme](https://feedsoft.ai/events/37223-opec-agrees-to-stick-to-current-production-scheme.md) | -2.2% | -1.7% |
| DIESEL | 2020-02-11 | [OPEC+ agrees additional crude oil production cut, up to 1.7 mb/d \| Enerdata](https://feedsoft.ai/events/54526-opec-agrees-additional-crude-oil-production-cut-up-to-1-7-mb-d-enerdata.md) | +3.8% | -21.8% |
| DIESEL | 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) | +4.3% | -3.6% |
| DIESEL | 2022-12-04 | [OPEC Plus opts against cutting production as oil prices fall - The Washington Post](https://feedsoft.ai/events/38138-opec-plus-opts-against-cutting-production-as-oil-prices-fall-the-washington-post.md) | -12.5% | -2.1% |

## Sources

- Wikipedia: https://en.wikipedia.org/wiki/2010s_oil_glut

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