# OPEC+ likely to extend production cuts in June

> Saudi Arabia and its OPEC+ allies are likely to keep oil production unchanged for three more months when ministers review output. The expected pause follows the earlier production cut strategy.

- Date: 2024-05-03 · published 2024-05-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/30161-opec-likely-to-extend-production-cuts-in-june
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A likely unchanged output level means no new supply comes on the market, which supports crude prices and energy input costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2017-12-01 | [OPEC opts to extend production cuts \| Wood Mackenzie](https://feedsoft.ai/events/67409-opec-opts-to-extend-production-cuts-wood-mackenzie.md) | -2.0% | +4.9% |
| BRENT | 2024-06-02 | [OPEC+ to extend deep oil production cuts into 2025 \| CNN Business](https://feedsoft.ai/events/29654-opec-to-extend-deep-oil-production-cuts-into-2025-cnn-business.md) | -2.0% | +7.9% |
| 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 | 2024-02-05 | [OPEC+ to decide on extending oil production cuts into Q2 2024 in March](https://feedsoft.ai/events/31564-opec-to-decide-on-extending-oil-production-cuts-into-q2-2024-in-march.md) | +5.7% | +7.3% |
| WTI | 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) | +4.2% | +4.9% |
| WTI | 2017-12-01 | [OPEC opts to extend production cuts \| Wood Mackenzie](https://feedsoft.ai/events/67409-opec-opts-to-extend-production-cuts-wood-mackenzie.md) | -1.5% | +5.3% |
| WTI | 2024-06-02 | [OPEC+ to extend deep oil production cuts into 2025 \| CNN Business](https://feedsoft.ai/events/29654-opec-to-extend-deep-oil-production-cuts-into-2025-cnn-business.md) | -1.9% | +8.5% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/opec-likely-extend-production-cuts-june-kemp-2024-05-03/

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