# OPEC Cuts Oil Production as Coalition Begins New Supply Pact - Bloomberg

> A Bloomberg survey showed OPEC oil output fell by 490,000 barrels a day in January to 26.57 million bpd. About half of the drop came from Iraq and Kuwait, as the group and its allies began a new supply pact.

- Date: 2024-02-01 · published 2024-02-01T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/31566-opec-cuts-oil-production-as-coalition-begins-new-supply-pact-bloomberg
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A sizeable drop in OPEC output tightens supply and supports crude prices. The reduction is part of the effort to prevent a global surplus.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2025-01-06 | [OPEC production dips in December as UAE implements supply cutbacks](https://feedsoft.ai/events/26429-opec-production-dips-in-december-as-uae-implements-supply-cutbacks.md) | +4.1% | +0.4% |
| BRENT | 2021-08-31 | [OPEC+ Sees 2021 Oil Deficit, 2022 Surplus as Supply Revived - Bloomberg](https://feedsoft.ai/events/45472-opec-sees-2021-oil-deficit-2022-surplus-as-supply-revived-bloomberg.md) | -0.4% | +8.7% |
| BRENT | 2018-01-22 | [OPEC and Non-OPEC oil production cuts at record highs - Offshore Energy](https://feedsoft.ai/events/66902-opec-and-non-opec-oil-production-cuts-at-record-highs-offshore-energy.md) | +2.5% | -5.9% |
| BRENT | 2021-10-11 | [OPEC+ crude oil production rises in September, but remains below target: Platts survey](https://feedsoft.ai/events/44721-opec-crude-oil-production-rises-in-september-but-remains-below-target-platts.md) | +3.0% | +0.4% |
| BRENT | 2023-10-11 | [Oil, gasoline prices set to rise in 2024 as OPEC+ production cuts take their toll: EIA](https://feedsoft.ai/events/33795-oil-gasoline-prices-set-to-rise-in-2024-as-opec-production-cuts-take-their-toll.md) | +2.3% | -7.5% |
| WTI | 2025-01-06 | [OPEC production dips in December as UAE implements supply cutbacks](https://feedsoft.ai/events/26429-opec-production-dips-in-december-as-uae-implements-supply-cutbacks.md) | +3.5% | -1.4% |
| WTI | 2021-10-11 | [OPEC+ crude oil production rises in September, but remains below target: Platts survey](https://feedsoft.ai/events/44721-opec-crude-oil-production-rises-in-september-but-remains-below-target-platts.md) | +3.6% | +2.2% |
| WTI | 2023-10-11 | [Oil, gasoline prices set to rise in 2024 as OPEC+ production cuts take their toll: EIA](https://feedsoft.ai/events/33795-oil-gasoline-prices-set-to-rise-in-2024-as-opec-production-cuts-take-their-toll.md) | +0.9% | -9.5% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-02-01/opec-cuts-oil-production-as-coalition-begins-new-supply-pact

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