# Eight OPEC+ countries delay planned Oct oil output increase by two months, overproduction compensation schedule confirmed

> Eight OPEC+ countries that are voluntarily cutting 2.2 million bpd postponed their planned October output increase by two months. Their cuts will now be phased out monthly from December 2024 through December 2025, and countries that overproduced committed to compensate by September 2025.

- Date: 2024-09-05 · published 2024-09-05T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/28242-eight-opec-countries-delay-planned-oct-oil-output-increase-by-two-months
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The delay keeps about 2.2 million bpd of voluntary cuts in place longer, tightening the market and supporting crude prices. The compensation schedules also limit the risk of surprise supply surges.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-12-05 | [OPEC+ members to delay oil production increases](https://feedsoft.ai/events/26872-opec-members-to-delay-oil-production-increases.md) | +2.6% | +8.3% |
| WTI | 2025-03-20 | [OPEC+ issues new plan for oil cuts to compensate for overproduction \| Reuters](https://feedsoft.ai/events/25490-opec-issues-new-plan-for-oil-cuts-to-compensate-for-overproduction-reuters.md) | +3.9% | -6.8% |
| WTI | 2025-12-01 | [OPEC+ ministers, eight OPEC+ countries confirm earlier decisions on production for Q1 2026](https://feedsoft.ai/events/21424-opec-ministers-eight-opec-countries-confirm-earlier-decisions-on-production-for.md) | +2.7% | -1.1% |
| WTI | 2016-11-30 | [Opec countries agree first oil output cut in eight years - BBC News](https://feedsoft.ai/events/8565-opec-countries-agree-first-oil-output-cut-in-eight-years-bbc-news.md) | +12.5% | +19.3% |
| 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% |
| BRENT | 2024-12-05 | [OPEC+ members to delay oil production increases](https://feedsoft.ai/events/26872-opec-members-to-delay-oil-production-increases.md) | +0.6% | +4.3% |
| BRENT | 2025-03-20 | [OPEC+ issues new plan for oil cuts to compensate for overproduction \| Reuters](https://feedsoft.ai/events/25490-opec-issues-new-plan-for-oil-cuts-to-compensate-for-overproduction-reuters.md) | +4.0% | -6.3% |
| BRENT | 2025-12-01 | [OPEC+ ministers, eight OPEC+ countries confirm earlier decisions on production for Q1 2026](https://feedsoft.ai/events/21424-opec-ministers-eight-opec-countries-confirm-earlier-decisions-on-production-for.md) | +0.7% | -1.8% |

## Sources

- interfax.com: https://www.interfax.com/newsroom/top-stories/105695/

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