# OPEC+ to consider extending voluntary oil output cuts, sources say

> OPEC+ is considering extending its voluntary oil output cuts, according to sources. Brent crude was trading near $83 a barrel on Tuesday amid Red Sea shipping attacks and concerns over growth and interest rates.

- Date: 2024-02-27 · published 2024-02-27T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/31834-opec-to-consider-extending-voluntary-oil-output-cuts-sources-say
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

An extension of supply cuts would tighten crude availability, supporting energy prices that feed into diesel and freight costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-01-28 | [Arab News \| China virus forces OPEC to weigh up extension to oil output cuts](https://feedsoft.ai/events/54971-arab-news-china-virus-forces-opec-to-weigh-up-extension-to-oil-output-cuts.md) | -8.0% | -4.1% |
| BRENT | 2018-11-07 | [Return to oil production cuts in 2019 cannot be ruled out - OPEC sources](https://feedsoft.ai/events/61945-return-to-oil-production-cuts-in-2019-cannot-be-ruled-out-opec-sources.md) | -8.3% | -13.6% |
| BRENT | 2020-11-30 | [Opec agrees to extend existing oil production cuts: Abdelmadjid Attar](https://feedsoft.ai/events/50059-opec-agrees-to-extend-existing-oil-production-cuts-abdelmadjid-attar.md) | +3.5% | +7.0% |
| BRENT | 2019-08-27 | [Crude Oil Prices Shrug off Trade Jitters Amid Deeper OPEC Output Cuts](https://feedsoft.ai/events/57744-crude-oil-prices-shrug-off-trade-jitters-amid-deeper-opec-output-cuts.md) | +1.4% | +10.3% |
| BRENT | 2020-06-08 | [Oil prices top $40 as OPEC+ extends production cuts \| Fox Business](https://feedsoft.ai/events/52796-oil-prices-top-40-as-opec-extends-production-cuts-fox-business.md) | -7.2% | +3.3% |
| WTI | 2020-01-28 | [Arab News \| China virus forces OPEC to weigh up extension to oil output cuts](https://feedsoft.ai/events/54971-arab-news-china-virus-forces-opec-to-weigh-up-extension-to-oil-output-cuts.md) | -5.7% | -6.2% |
| WTI | 2018-11-07 | [Return to oil production cuts in 2019 cannot be ruled out - OPEC sources](https://feedsoft.ai/events/61945-return-to-oil-production-cuts-in-2019-cannot-be-ruled-out-opec-sources.md) | -10.5% | -15.0% |
| WTI | 2020-11-30 | [Opec agrees to extend existing oil production cuts: Abdelmadjid Attar](https://feedsoft.ai/events/50059-opec-agrees-to-extend-existing-oil-production-cuts-abdelmadjid-attar.md) | +1.5% | +4.3% |

## Sources

- reuters.com: https://www.reuters.com/markets/commodities/opec-consider-extending-voluntary-oil-output-cuts-sources-say-2024-02-27/

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