# OPEC+ Production Cuts Losing Steam - Center on Global Energy Policy at Columbia University SIPA | CGEP %

> OPEC+ voluntary cuts expanded to over 2 million bpd for 1Q24, led by a 1 million bpd Saudi cut and a Russian expansion. Crude prices had fallen to their lowest since July as some market tightness eased.

- Date: 2023-12-06 · published 2023-12-06T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/32489-opec-production-cuts-losing-steam-center-on-global-energy-policy-at-columbia
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The cuts provide some support to crude prices, but weak prices indicate limited upside, which keeps energy-linked input costs for feed producers under moderate pressure.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-03-14 | [OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence](https://feedsoft.ai/events/36768-opec-to-stick-to-production-cut-saudi-minister-tells-energy-intelligence.md) | -8.9% | +7.8% |
| BRENT | 2023-06-05 | [OPEC Achieves Consensus on Production Levels for Market Stability at 35th Ministerial Meeting - African Energy Chamber](https://feedsoft.ai/events/35403-opec-achieves-consensus-on-production-levels-for-market-stability-at-35th.md) | -1.7% | -1.8% |
| BRENT | 2021-10-05 | [OPEC+ maintains its production policy for November – EnergyScan](https://feedsoft.ai/events/44448-opec-maintains-its-production-policy-for-november-energyscan.md) | +2.9% | +4.0% |
| BRENT | 2023-11-30 | [Opec+ reaches deal to deepen voluntary production cuts amid global demand concerns \| Upstream](https://feedsoft.ai/events/32493-opec-reaches-deal-to-deepen-voluntary-production-cuts-amid-global-demand.md) | -10.5% | -5.2% |
| BRENT | 2022-09-05 | [Oil: OPEC+ surprises energy markets with a small production cut](https://feedsoft.ai/events/39517-oil-opec-surprises-energy-markets-with-a-small-production-cut.md) | -0.9% | -5.0% |
| WTI | 2023-03-14 | [OPEC+ to stick to production cut, Saudi minister tells Energy Intelligence](https://feedsoft.ai/events/36768-opec-to-stick-to-production-cut-saudi-minister-tells-energy-intelligence.md) | -9.5% | +9.1% |
| WTI | 2023-06-05 | [OPEC Achieves Consensus on Production Levels for Market Stability at 35th Ministerial Meeting - African Energy Chamber](https://feedsoft.ai/events/35403-opec-achieves-consensus-on-production-levels-for-market-stability-at-35th.md) | -2.2% | -2.8% |
| WTI | 2023-11-30 | [Opec+ reaches deal to deepen voluntary production cuts amid global demand concerns \| Upstream](https://feedsoft.ai/events/32493-opec-reaches-deal-to-deepen-voluntary-production-cuts-amid-global-demand.md) | -11.0% | -7.4% |

## Sources

- energypolicy.columbia.edu: https://www.energypolicy.columbia.edu/opec-production-cuts-losing-steam/

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