# Explainer: How are OPEC+ oil producers unwinding their output cuts?

> Reuters explainer describes how OPEC+ producers are unwinding output cuts, noting the group has released about 2.9 million bpd since April. The group still holds roughly 3.24 million bpd of cuts, about 3% of global demand. Hikes have been paused for the first quarter of 2026.

- Date: 2024-12-05 · published 2024-12-05T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/26875-explainer-how-are-opec-oil-producers-unwinding-their-output-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Remaining cuts of about 3.24 million bpd limit supply and support crude prices, which affects diesel and freight costs for feed buyers. The pace of unwinding determines how quickly that support fades.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-03-04 | [Saudi Arabia and the UAE among Opec+ members extending oil output cuts \| The National](https://feedsoft.ai/events/31114-saudi-arabia-and-the-uae-among-opec-members-extending-oil-output-cuts-the.md) | -1.2% | +3.1% |
| BRENT | 2017-12-01 | [World’s crude oil producers extend cuts on output through 2018](https://feedsoft.ai/events/67411-world-s-crude-oil-producers-extend-cuts-on-output-through-2018.md) | -2.0% | +4.9% |
| BRENT | 2019-02-12 | [OPEC Chief Urges Producers to Meet Pledges to Cut Oil Output - Bloomberg](https://feedsoft.ai/events/60516-opec-chief-urges-producers-to-meet-pledges-to-cut-oil-output-bloomberg.md) | +8.0% | +7.2% |
| BRENT | 2023-04-03 | [Why did OPEC cut oil production? Key reasons explained](https://feedsoft.ai/events/36321-why-did-opec-cut-oil-production-key-reasons-explained.md) | +7.4% | +1.0% |
| BRENT | 2022-10-06 | [Why is OPEC+ cutting oil production and what’s next? \| Explainer News \| Al Jazeera](https://feedsoft.ai/events/39328-why-is-opec-cutting-oil-production-and-what-s-next-explainer-news-al-jazeera.md) | -1.0% | +2.4% |
| WTI | 2024-03-04 | [Saudi Arabia and the UAE among Opec+ members extending oil output cuts \| The National](https://feedsoft.ai/events/31114-saudi-arabia-and-the-uae-among-opec-members-extending-oil-output-cuts-the.md) | -2.4% | +4.6% |
| WTI | 2017-12-01 | [World’s crude oil producers extend cuts on output through 2018](https://feedsoft.ai/events/67411-world-s-crude-oil-producers-extend-cuts-on-output-through-2018.md) | -1.5% | +5.3% |
| WTI | 2019-02-12 | [OPEC Chief Urges Producers to Meet Pledges to Cut Oil Output - Bloomberg](https://feedsoft.ai/events/60516-opec-chief-urges-producers-to-meet-pledges-to-cut-oil-output-bloomberg.md) | +6.0% | +8.3% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/what-opec-oil-output-cuts-are-currently-place-2024-12-05/

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