# Exclusive | OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices - WSJ

> OPEC+ agreed on Sunday to extend all production curbs into next year. The move is expected to keep oil prices elevated through the US presidential election.

- Date: 2024-06-02 · published 2024-06-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/29930-exclusive-opec-agrees-to-extend-production-cuts-in-bid-to-boost-oil-prices-wsj
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Sustained supply restraint supports crude prices, which raise diesel, fertilizer and freight costs for feed producers and support biofuel-linked oilseed demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-10-05 | [OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times](https://feedsoft.ai/events/39061-opec-agrees-to-cut-oil-production-to-boost-sliding-prices-los-angeles-times.md) | +2.1% | +2.3% |
| BRENT | 2019-07-01 | [OPEC agrees to extend current production cuts by 9 months](https://feedsoft.ai/events/58006-opec-agrees-to-extend-current-production-cuts-by-9-months.md) | -4.2% | -6.1% |
| BRENT | 2022-10-05 | [Oil: OPEC+ imposes deep production cuts in a bid to shore up prices](https://feedsoft.ai/events/39057-oil-opec-imposes-deep-production-cuts-in-a-bid-to-shore-up-prices.md) | +2.1% | +2.3% |
| BRENT | 2020-07-01 | [Opec and allies extend oil production cuts to end of July](https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july.md) | +4.3% | +4.3% |
| BRENT | 2020-06-06 | [OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times](https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times.md) | -7.2% | +3.3% |
| WTI | 2022-10-05 | [OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times](https://feedsoft.ai/events/39061-opec-agrees-to-cut-oil-production-to-boost-sliding-prices-los-angeles-times.md) | +3.3% | +1.9% |
| WTI | 2019-07-01 | [OPEC agrees to extend current production cuts by 9 months](https://feedsoft.ai/events/58006-opec-agrees-to-extend-current-production-cuts-by-9-months.md) | -1.4% | -2.5% |
| WTI | 2022-10-05 | [Oil: OPEC+ imposes deep production cuts in a bid to shore up prices](https://feedsoft.ai/events/39057-oil-opec-imposes-deep-production-cuts-in-a-bid-to-shore-up-prices.md) | +3.3% | +1.9% |

## Sources

- wsj.com: https://www.wsj.com/business/energy-oil/opec-agrees-to-extend-production-cuts-in-bid-to-boost-oil-prices-7ef55454

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