# OPEC+ Agrees to Additional Production Cuts: Market Responds With a Shrug | Baker Institute

> OPEC+ postponed its meeting from November 26 to November 30 amid reports that some African producers wanted revised 2024 quotas. The group agreed to extend production cuts through the first quarter of 2024, but oil prices fell below pre-meeting levels, with Brent near $78 per barrel.

- Date: 2023-12-06 · published 2023-12-06T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/32492-opec-agrees-to-additional-production-cuts-market-responds-with-a-shrug-baker
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The market's muted response to the cuts shows that demand concerns are offsetting supply restraint, so the price support for crude and energy inputs is limited.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-02-11 | [OPEC+ agrees additional crude oil production cut, up to 1.7 mb/d \| Enerdata](https://feedsoft.ai/events/54526-opec-agrees-additional-crude-oil-production-cut-up-to-1-7-mb-d-enerdata.md) | +8.0% | -34.7% |
| BRENT | 2018-02-16 | [OPEC drafting agreement to institutionalize market cooperation with Russia, other allies](https://feedsoft.ai/events/66431-opec-drafting-agreement-to-institutionalize-market-cooperation-with-russia.md) | +4.2% | +1.3% |
| 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% |
| BRENT | 2023-11-30 | [OPEC+ agrees to oil production cut  \| Oil & Gas Journal](https://feedsoft.ai/events/33087-opec-agrees-to-oil-production-cut-oil-and-gas-journal.md) | -10.5% | -5.2% |
| BRENT | 2019-07-01 | [OPEC agrees to extend current production cuts by 9 months](https://feedsoft.ai/events/58006-opec-agrees-to-extend-current-production-cuts-by-9-months.md) | -4.2% | -6.1% |
| WTI | 2020-02-11 | [OPEC+ agrees additional crude oil production cut, up to 1.7 mb/d \| Enerdata](https://feedsoft.ai/events/54526-opec-agrees-additional-crude-oil-production-cut-up-to-1-7-mb-d-enerdata.md) | +5.0% | -30.6% |
| WTI | 2018-02-16 | [OPEC drafting agreement to institutionalize market cooperation with Russia, other allies](https://feedsoft.ai/events/66431-opec-drafting-agreement-to-institutionalize-market-cooperation-with-russia.md) | +3.4% | +1.4% |
| WTI | 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) | +1.0% | -3.7% |

## Sources

- bakerinstitute.org: https://www.bakerinstitute.org/research/opec-agrees-additional-production-cuts-market-responds-shrug

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