# OPEC+ to decide on extending oil production cuts into Q2 2024 in March

> OPEC+ nations plan to decide in early March whether to extend oil production cuts into the second quarter, according to delegates. Seven members pledged about 900,000 bpd of curbs this quarter, on top of Saudi Arabia's 1 million bpd reduction.

- Date: 2024-02-05 · published 2024-02-05T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/31564-opec-to-decide-on-extending-oil-production-cuts-into-q2-2024-in-march
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A likely extension of curbs into Q2 would keep supply tight and support crude prices, while the IEA warns of a surplus if the cuts are relaxed. The decision is a key driver of the crude price outlook.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-07-03 | [OPEC, non-OPEC members decide on extending production cuts up to March 2020, ETEnergyworld](https://feedsoft.ai/events/58010-opec-non-opec-members-decide-on-extending-production-cuts-up-to-march-2020.md) | +2.7% | +1.7% |
| 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 | 2024-05-02 | [Oil alliance OPEC+ extends collective crude production cuts into 2025](https://feedsoft.ai/events/29653-oil-alliance-opec-extends-collective-crude-production-cuts-into-2025.md) | -0.6% | -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 | 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% |
| WTI | 2019-07-03 | [OPEC, non-OPEC members decide on extending production cuts up to March 2020, ETEnergyworld](https://feedsoft.ai/events/58010-opec-non-opec-members-decide-on-extending-production-cuts-up-to-march-2020.md) | +7.6% | +4.4% |
| 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% |
| WTI | 2024-05-02 | [Oil alliance OPEC+ extends collective crude production cuts into 2025](https://feedsoft.ai/events/29653-oil-alliance-opec-extends-collective-crude-production-cuts-into-2025.md) | -0.1% | -1.9% |

## Sources

- worldoil.com: https://worldoil.com/news/2024/2/5/opec-to-decide-on-extending-oil-production-cuts-into-q2-2024-in-march/

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