# OPEC+ extends cuts | articles | ING THINK

> ING reports that OPEC+ extended its additional voluntary cuts and laid out plans to ease them gradually from the fourth quarter of 2024. The group also rolled over about 2 million barrels per day of group-wide cuts through the end of 2025. ING expects the market to stay in deficit for the rest of 2024.

- Date: 2024-06-03 · published 2024-06-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/29657-opec-extends-cuts-articles-ing-think
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A market deficit through 2024 supports crude prices and keeps energy costs firm for feed and biofuel supply chains. The gradual unwinding of cuts from late 2024 limits how much prices can rise.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| WTI | 2024-06-03 | 1 | -2.8% | -3.1 | ING's summary of the OPEC+ outcome describes the gradual easing of cuts from Q4 2024, which is the supply-side catalyst for the selloff, partly offset by the extension of group-wide cuts. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-12-01 | [Deeper OPEC+ supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think.md) | -9.9% | -6.0% |
| BRENT | 2022-12-02 | [The Commodities Feed: OPEC+ weekend \| articles \| ING THINK](https://feedsoft.ai/events/9751-the-commodities-feed-opec-weekend-articles-ing-think.md) | -12.1% | -2.6% |
| BRENT | 2023-09-06 | [The Commodities Feed: Saudi and Russian oil cuts \| articles \| ING THINK](https://feedsoft.ai/events/34067-the-commodities-feed-saudi-and-russian-oil-cuts-articles-ing-think.md) | +2.4% | +2.2% |
| BRENT | 2024-05-03 | [OPEC+ likely to extend production cuts in June](https://feedsoft.ai/events/30161-opec-likely-to-extend-production-cuts-in-june.md) | -0.8% | -4.4% |
| BRENT | 2019-07-01 | [OPEC Extends Output Cuts Into 2020 as Marathon Meeting Ends - Bloomberg](https://feedsoft.ai/events/58005-opec-extends-output-cuts-into-2020-as-marathon-meeting-ends-bloomberg.md) | -4.2% | -6.1% |
| WTI | 2023-12-01 | [Deeper OPEC+ supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think.md) | -8.8% | -5.2% |
| WTI | 2022-12-02 | [The Commodities Feed: OPEC+ weekend \| articles \| ING THINK](https://feedsoft.ai/events/9751-the-commodities-feed-opec-weekend-articles-ing-think.md) | -12.0% | -1.1% |
| WTI | 2023-09-06 | [The Commodities Feed: Saudi and Russian oil cuts \| articles \| ING THINK](https://feedsoft.ai/events/34067-the-commodities-feed-saudi-and-russian-oil-cuts-articles-ing-think.md) | +2.5% | +2.9% |

## Sources

- think.ing.com: https://think.ing.com/articles/opec-extends-cuts030624/

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