# OPEC+ working on complex production cut deal for 2024-2025, sources say | Reuters

> OPEC+ is working on a complex deal, to be agreed at its Sunday meeting, that would extend some deep oil production cuts into 2025. Sources say any 2025 extension will likely be conditional on new member capacity figures later in 2024.

- Date: 2024-05-30 · published 2024-05-30T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/30158-opec-working-on-complex-production-cut-deal-for-2024-2025-sources-say-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A multi-year extension of cuts would keep crude supported and tighten energy markets, supporting biofuel and fertilizer input costs over the medium term.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-10-15 | [OAPEC Sec Gen says OPEC+ decision to cut oil production 'correct' \| Reuters](https://feedsoft.ai/events/39062-oapec-sec-gen-says-opec-decision-to-cut-oil-production-correct-reuters.md) | +0.8% | +4.6% |
| BRENT | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +16.7% | +22.1% |
| 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 | 2016-11-30 | [OPEC Production Cut: What It Really Means for Oil Prices \| Fortune](https://feedsoft.ai/events/74026-opec-production-cut-what-it-really-means-for-oil-prices-fortune.md) | +16.7% | +22.1% |
| BRENT | 2017-04-26 | [Is An Extension Of OPEC's Oil Production Cuts Really A Done Deal? \| Investing.com](https://feedsoft.ai/events/71417-is-an-extension-of-opec-s-oil-production-cuts-really-a-done-deal-investing-com.md) | -1.6% | +5.8% |
| WTI | 2022-10-15 | [OAPEC Sec Gen says OPEC+ decision to cut oil production 'correct' \| Reuters](https://feedsoft.ai/events/39062-oapec-sec-gen-says-opec-decision-to-cut-oil-production-correct-reuters.md) | -0.7% | +3.7% |
| WTI | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +12.5% | +19.3% |
| 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% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/opec-working-complex-oil-cut-extension-deal-2024-2025-sources-say-2024-05-30/

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