# OPEC plans more cuts to boost worldwide oil prices

> OPEC+ extended voluntary output cuts into the first quarter of 2024, with more than 2 million bpd pledged. Brazil was also set to join the bloc in January.

- Date: 2023-12-01 · published 2023-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/32490-opec-plans-more-cuts-to-boost-worldwide-oil-prices
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Extended cuts of about 2% of global supply aim to support crude prices, but the market reaction was muted, so the price effect on energy costs for feed buyers may be limited.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-02-13 | ['Shock and Awe' OPEC Oil Cuts Boost Prices](https://feedsoft.ai/events/60762-shock-and-awe-opec-oil-cuts-boost-prices.md) | +5.8% | +5.6% |
| BRENT | 2016-11-30 | [OPEC hashes out a major deal to cut oil production — and prices surge worldwide \| Vox](https://feedsoft.ai/events/74024-opec-hashes-out-a-major-deal-to-cut-oil-production-and-prices-surge-worldwide.md) | +16.7% | +22.1% |
| BRENT | 2024-06-02 | [Exclusive \| OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices - WSJ](https://feedsoft.ai/events/29930-exclusive-opec-agrees-to-extend-production-cuts-in-bid-to-boost-oil-prices-wsj.md) | -2.0% | +7.9% |
| BRENT | 2022-10-05 | [OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times](https://feedsoft.ai/events/39061-opec-agrees-to-cut-oil-production-to-boost-sliding-prices-los-angeles-times.md) | +2.1% | +2.3% |
| BRENT | 2022-10-05 | [Oil: OPEC+ imposes deep production cuts in a bid to shore up prices](https://feedsoft.ai/events/39057-oil-opec-imposes-deep-production-cuts-in-a-bid-to-shore-up-prices.md) | +2.1% | +2.3% |
| WTI | 2019-02-13 | ['Shock and Awe' OPEC Oil Cuts Boost Prices](https://feedsoft.ai/events/60762-shock-and-awe-opec-oil-cuts-boost-prices.md) | +5.6% | +7.1% |
| WTI | 2016-11-30 | [OPEC hashes out a major deal to cut oil production — and prices surge worldwide \| Vox](https://feedsoft.ai/events/74024-opec-hashes-out-a-major-deal-to-cut-oil-production-and-prices-surge-worldwide.md) | +12.5% | +19.3% |
| WTI | 2024-06-02 | [Exclusive \| OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices - WSJ](https://feedsoft.ai/events/29930-exclusive-opec-agrees-to-extend-production-cuts-in-bid-to-boost-oil-prices-wsj.md) | -1.9% | +8.5% |

## Sources

- scrippsnews.com: https://www.scrippsnews.com/science-and-tech/energy/opec-plans-more-cuts-to-boost-worldwide-oil-prices

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