# OPEC+ Extends Oil Cuts Amid Global Supply Crunch - Energy News Africa Plus

> OPEC+ agreed to keep its voluntary oil output cuts in place for the second quarter of 2024 and said it would adjust production monthly. Many analysts had expected a modest easing of about 500,000 barrels per day in April. Oil prices rose to their highest level since late 2023, with Brent trading near $83.57 and WTI near $78.63.

- Date: 2024-02-28 · published 2024-02-28T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/31861-opec-extends-oil-cuts-amid-global-supply-crunch-energy-news-africa-plus
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Sustained OPEC+ supply restraint supports crude prices, which raises diesel, fertilizer and freight costs for feed producers. Higher energy costs also support vegetable oil and biofuel demand, which can lift soyoil and palm oil values.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-03-01 | [Oil prices rise as OPEC production cut trims supply  \| Globalnews.ca](https://feedsoft.ai/events/72179-oil-prices-rise-as-opec-production-cut-trims-supply-globalnews-ca.md) | -2.2% | -10.4% |
| WTI | 2020-02-16 | [Coronavirus: OPEC's JTC Recommends Extending Production Adjustments To End 2020 \| Energy News Africa](https://feedsoft.ai/events/54532-coronavirus-opec-s-jtc-recommends-extending-production-adjustments-to-end-2020.md) | -1.3% | -44.5% |
| WTI | 2019-06-30 | [Oil prices edge up on hopes of supply cuts extension by OPEC](https://feedsoft.ai/events/58762-oil-prices-edge-up-on-hopes-of-supply-cuts-extension-by-opec.md) | -1.4% | -2.5% |
| WTI | 2017-12-01 | [Oil near 2½-year highs after OPEC extends output cuts](https://feedsoft.ai/events/67641-oil-near-21-2-year-highs-after-opec-extends-output-cuts.md) | -1.5% | +5.3% |
| WTI | 2020-08-21 | [Opec-Plus Laggards Agree to Extra Cuts \| Energy Intelligence](https://feedsoft.ai/events/51539-opec-plus-laggards-agree-to-extra-cuts-energy-intelligence.md) | +0.8% | -3.5% |
| BRENT | 2017-03-01 | [Oil prices rise as OPEC production cut trims supply  \| Globalnews.ca](https://feedsoft.ai/events/72179-oil-prices-rise-as-opec-production-cut-trims-supply-globalnews-ca.md) | +1.5% | -6.3% |
| BRENT | 2020-02-16 | [Coronavirus: OPEC's JTC Recommends Extending Production Adjustments To End 2020 \| Energy News Africa](https://feedsoft.ai/events/54532-coronavirus-opec-s-jtc-recommends-extending-production-adjustments-to-end-2020.md) | +2.1% | -42.4% |
| BRENT | 2019-06-30 | [Oil prices edge up on hopes of supply cuts extension by OPEC](https://feedsoft.ai/events/58762-oil-prices-edge-up-on-hopes-of-supply-cuts-extension-by-opec.md) | -4.2% | -6.1% |

## Sources

- energynews.africa: https://energynews.africa/2024/02/28/opec-plus-extends-oil-cuts-amid-global-supply-crunch/

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