# OPEC+ leaves oil production levels unchanged, to review production cut extension in March

> OPEC+ kept its oil output policy unchanged at a ministerial panel meeting on February 1, 2024, and sources said a decision on extending the 2.2 million bpd voluntary cuts for the first quarter will come in March. Brent traded above $81 a barrel.

- Date: 2024-02-01 · published 2024-02-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/31563-opec-leaves-oil-production-levels-unchanged-to-review-production-cut-extension
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Keeping the cuts in place for now supports crude prices, since the extension decision remains open and could tighten supply from April. Prices also drew support from rate-cut expectations and Red Sea tensions.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-10-04 | [OPEC+ Leaves Oil Production Levels Unchanged \| OilPrice.com](https://feedsoft.ai/events/33525-opec-leaves-oil-production-levels-unchanged-oilprice-com.md) | -3.7% | -8.8% |
| WTI | 2024-02-01 | [OPEC+ to Review Oil Cut Extension in March, Ministers Leave Policy Unchanged - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/31567-opec-to-review-oil-cut-extension-in-march-ministers-leave-policy-unchanged.md) | -2.6% | +3.6% |
| WTI | 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) | +6.3% | +9.4% |
| WTI | 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) | +0.4% | -3.0% |
| WTI | 2022-10-01 | [OPEC Raises Oil Production To Highest Level In Years](https://feedsoft.ai/events/39753-opec-raises-oil-production-to-highest-level-in-years.md) | +16.5% | +10.2% |
| BRENT | 2023-10-04 | [OPEC+ Leaves Oil Production Levels Unchanged \| OilPrice.com](https://feedsoft.ai/events/33525-opec-leaves-oil-production-levels-unchanged-oilprice-com.md) | -3.8% | -6.0% |
| BRENT | 2024-02-01 | [OPEC+ to Review Oil Cut Extension in March, Ministers Leave Policy Unchanged - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/31567-opec-to-review-oil-cut-extension-in-march-ministers-leave-policy-unchanged.md) | -2.6% | +1.9% |
| 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% |

## Sources

- gulfbusiness.com: https://gulfbusiness.com/en/2024/industry/opec-oil-cut-extension-march-policy-unchanged/
- reuters.com: https://www.reuters.com/markets/commodities/opec-committee-meeting-expected-keep-output-policy-unchanged-2024-02-01/

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