# OPEC reaffirms commitment to market stability, convenes first ministerial meeting of 2024

> OPEC said it will hold a virtual Joint Ministerial Monitoring Committee meeting on February 1 to review implementation of its latest oil output cut. The group reaffirmed its commitment to unity and market stability after Angola announced its exit.

- Date: 2024-01-04 · published 2024-01-04T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/32036-opec-reaffirms-commitment-to-market-stability-convenes-first-ministerial
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The reaffirmed commitment signals that the group will keep its cuts in place, which supports crude prices.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-03-09 | [Opec+ reaffirms commitment to market stability](https://feedsoft.ai/events/65931-opec-reaffirms-commitment-to-market-stability.md) | +1.0% | +4.8% |
| BRENT | 2026-04-05 | [OPEC+ states adjust production, reaffirm commitment to market stability - Shana](https://feedsoft.ai/events/19613-opec-states-adjust-production-reaffirm-commitment-to-market-stability-shana.md) | -9.7% | -4.1% |
| BRENT | 2026-06-07 | [Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman Adjust Production and Reaffirm Commitment to Market Stability](https://feedsoft.ai/events/18717-saudi-arabia-russia-iraq-kuwait-kazakhstan-algeria-and-oman-adjust-production.md) | -7.5% | -26.2% |
| BRENT | 2025-05-28 | [39th OPEC and non-OPEC Ministerial Meeting](https://feedsoft.ai/events/24600-39th-opec-and-non-opec-ministerial-meeting.md) | +3.7% | +6.1% |
| BRENT | 2020-12-04 | [OPEC holds it 12th Ministerial and non-OPEC Ministerial Meeting – Energy Focus Report](https://feedsoft.ai/events/49557-opec-holds-it-12th-ministerial-and-non-opec-ministerial-meeting-energy-focus.md) | +3.6% | +4.5% |
| WTI | 2018-03-09 | [Opec+ reaffirms commitment to market stability](https://feedsoft.ai/events/65931-opec-reaffirms-commitment-to-market-stability.md) | +1.7% | +3.2% |
| WTI | 2026-04-05 | [OPEC+ states adjust production, reaffirm commitment to market stability - Shana](https://feedsoft.ai/events/19613-opec-states-adjust-production-reaffirm-commitment-to-market-stability-shana.md) | -13.2% | -7.5% |
| WTI | 2026-06-07 | [Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman Adjust Production and Reaffirm Commitment to Market Stability](https://feedsoft.ai/events/18717-saudi-arabia-russia-iraq-kuwait-kazakhstan-algeria-and-oman-adjust-production.md) | -6.1% | -25.6% |

## Sources

- energyconnects.com: https://www.energyconnects.com/opinion/features/2024/january/opec-reaffirms-commitment-to-market-stability-convenes-first-ministerial-meeting-of-2024/

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