# U.S. crude oil falls more than 3% as OPEC+ plans phasing out production cuts

> US crude fell more than 3% on June 3, 2024 after eight OPEC+ members led by Saudi Arabia and Russia said they would begin phasing out 2.2 million barrels per day of voluntary cuts in October. About 500,000 barrels per day would return by December and 1.8 million by June 2025. The plan can be reversed depending on market conditions.

- Date: 2024-06-03 · published 2024-06-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/29656-u-s-crude-oil-falls-more-than-3-as-opec-plans-phasing-out-production-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The phased return of supply weighs on crude prices, which lowers energy and transport costs over time. Lower crude also reduces support for biofuel demand and vegetable oil prices.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2024-06-03 | 1 | -2.8% | -3.1 | Directly reports US crude falling over 3% on June 3 as eight OPEC+ members announced they would begin unwinding 2.2 mb/d of voluntary cuts from October, a supply-expectation shock. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 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) | -11.1% | -3.8% |
| WTI | 2020-06-30 | [OPEC, Russia seen easing oil production cuts from August - sources](https://feedsoft.ai/events/52515-opec-russia-seen-easing-oil-production-cuts-from-august-sources.md) | +2.3% | +3.2% |
| WTI | 2019-11-06 | [Oil markets fall as it is reported that OPEC+ members are not looking for another production cut — Octa](https://feedsoft.ai/events/56236-oil-markets-fall-as-it-is-reported-that-opec-members-are-not-looking-for.md) | -0.7% | +2.4% |
| WTI | 2022-03-31 | [OPEC+ Sticks To Modest Oil Production Hike Despite Calls For More Supply](https://feedsoft.ai/events/42180-opec-sticks-to-modest-oil-production-hike-despite-calls-for-more-supply.md) | -10.6% | -2.2% |
| WTI | 2018-08-27 | [OPEC Committee: Oil Producers Cut July Output By 9% More Than Agreed \| Rigzone](https://feedsoft.ai/events/63439-opec-committee-oil-producers-cut-july-output-by-9-more-than-agreed-rigzone.md) | +0.6% | +5.0% |
| BRENT | 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) | -11.4% | -5.6% |
| BRENT | 2020-06-30 | [OPEC, Russia seen easing oil production cuts from August - sources](https://feedsoft.ai/events/52515-opec-russia-seen-easing-oil-production-cuts-from-august-sources.md) | +3.0% | +4.2% |
| BRENT | 2019-11-06 | [Oil markets fall as it is reported that OPEC+ members are not looking for another production cut — Octa](https://feedsoft.ai/events/56236-oil-markets-fall-as-it-is-reported-that-opec-members-are-not-looking-for.md) | -1.1% | -1.5% |

## Sources

- cnbc.com: https://www.cnbc.com/2024/06/03/oil-prices-little-changed-after-opec-extends-output-cuts.html

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