# OPEC+ may have played its final card with voluntary crude cuts

> OPEC+ agreed total production curbs of about 2.2 million bpd from eight members at its November 30 meeting. The package includes an extension of Saudi Arabia's 1 million bpd voluntary cut and Russia's 300,000 bpd reduction, bringing total pledged cuts to roughly 5 million bpd.

- Date: 2023-12-01 · published 2023-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/32487-opec-may-have-played-its-final-card-with-voluntary-crude-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Extended voluntary cuts tighten crude supply for the first quarter of 2024, which supports crude prices and raises the cost of diesel and fuel inputs for feed producers and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-03-04 | [OPEC shocks oil markets with plan to keep crude output constrained](https://feedsoft.ai/events/48041-opec-shocks-oil-markets-with-plan-to-keep-crude-output-constrained.md) | +5.2% | -1.3% |
| BRENT | 2023-04-03 | [Top OPEC+ committee urges compliance after major voluntary cuts announced \| S&P Global](https://feedsoft.ai/events/36322-top-opec-committee-urges-compliance-after-major-voluntary-cuts-announced-s-and.md) | +7.4% | +1.0% |
| BRENT | 2024-03-03 | [Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June](https://feedsoft.ai/events/31110-saudi-arabia-russia-and-several-opec-producers-extend-voluntary-crude-supply.md) | -1.2% | +3.1% |
| BRENT | 2023-04-03 | [Opec+ agrees to stick to oil output targets as members pledge voluntary cuts    \| The National](https://feedsoft.ai/events/36324-opec-agrees-to-stick-to-oil-output-targets-as-members-pledge-voluntary-cuts-the.md) | +7.4% | +1.0% |
| BRENT | 2023-11-30 | [Instant view: OPEC+ announces voluntary oil output cuts \| Reuters](https://feedsoft.ai/events/33083-instant-view-opec-announces-voluntary-oil-output-cuts-reuters.md) | -10.5% | -5.2% |
| WTI | 2021-03-04 | [OPEC shocks oil markets with plan to keep crude output constrained](https://feedsoft.ai/events/48041-opec-shocks-oil-markets-with-plan-to-keep-crude-output-constrained.md) | +5.1% | -3.5% |
| WTI | 2023-04-03 | [Top OPEC+ committee urges compliance after major voluntary cuts announced \| S&P Global](https://feedsoft.ai/events/36322-top-opec-committee-urges-compliance-after-major-voluntary-cuts-announced-s-and.md) | +5.4% | -0.0% |
| WTI | 2024-03-03 | [Saudi Arabia, Russia and several OPEC+ producers extend voluntary crude supply cuts until end of June](https://feedsoft.ai/events/31110-saudi-arabia-russia-and-several-opec-producers-extend-voluntary-crude-supply.md) | -2.4% | +4.6% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-may-have-played-its-final-card-with-voluntary-crude-cuts-russell-2023-12-01/

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