# Deeper OPEC+ supply cuts | articles | ING THINK

> OPEC+ members agreed on November 30 to deeper voluntary supply cuts of almost 2.2 million bpd for the first quarter of 2024, including rollovers of Saudi and Russian cuts. Nigeria's quota was raised while Angola's was cut, and Angola said it would not follow its new quota.

- Date: 2023-12-01 · published 2023-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Only about 900,000 bpd of the package is new supply restraint, but it is expected to erase the 1Q24 surplus, which supports crude prices and energy costs for feed supply chains.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-06-03 | [OPEC+ extends cuts \| articles \| ING THINK](https://feedsoft.ai/events/29657-opec-extends-cuts-articles-ing-think.md) | -2.0% | +7.9% |
| BRENT | 2022-12-02 | [The Commodities Feed: OPEC+ weekend \| articles \| ING THINK](https://feedsoft.ai/events/9751-the-commodities-feed-opec-weekend-articles-ing-think.md) | -12.1% | -2.6% |
| BRENT | 2019-10-10 | [Arab News \| Deeper oil supply cut ‘an option,’ says OPEC chief](https://feedsoft.ai/events/56472-arab-news-deeper-oil-supply-cut-an-option-says-opec-chief.md) | +0.6% | +4.9% |
| BRENT | 2023-09-06 | [The Commodities Feed: Saudi and Russian oil cuts \| articles \| ING THINK](https://feedsoft.ai/events/34067-the-commodities-feed-saudi-and-russian-oil-cuts-articles-ing-think.md) | +2.4% | +2.2% |
| BRENT | 2019-12-06 | [Deeper OPEC+  supply cuts sends supportive signal to markets \| Wood Mackenzie](https://feedsoft.ai/events/55493-deeper-opec-supply-cuts-sends-supportive-signal-to-markets-wood-mackenzie.md) | +1.4% | +7.8% |
| WTI | 2024-06-03 | [OPEC+ extends cuts \| articles \| ING THINK](https://feedsoft.ai/events/29657-opec-extends-cuts-articles-ing-think.md) | -1.9% | +8.5% |
| WTI | 2022-12-02 | [The Commodities Feed: OPEC+ weekend \| articles \| ING THINK](https://feedsoft.ai/events/9751-the-commodities-feed-opec-weekend-articles-ing-think.md) | -12.0% | -1.1% |
| WTI | 2019-10-10 | [Arab News \| Deeper oil supply cut ‘an option,’ says OPEC chief](https://feedsoft.ai/events/56472-arab-news-deeper-oil-supply-cut-an-option-says-opec-chief.md) | +1.5% | +6.8% |

## Sources

- think.ing.com: https://think.ing.com/articles/deeper-opec-cuts011223/

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