# Opec+ reaches deal to deepen voluntary production cuts amid global demand concerns | Upstream

> Six OPEC+ members agreed to up to 700,000 bpd of new voluntary production cuts amid concerns about global demand. The deal was reached at the November 30 meeting.

- Date: 2023-11-30 · published 2023-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/32493-opec-reaches-deal-to-deepen-voluntary-production-cuts-amid-global-demand
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

New voluntary cuts of up to 700,000 bpd tighten crude supply in the near term, supporting energy prices that feed through to transport and processing costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-07-02 | [Opec agrees to extend cuts for nine months amid demand concerns \| The National](https://feedsoft.ai/events/58008-opec-agrees-to-extend-cuts-for-nine-months-amid-demand-concerns-the-national.md) | -2.2% | -1.6% |
| WTI | 2020-06-06 | [OPEC and its allies reach deal to cut oil production through July \| CNN Business](https://feedsoft.ai/events/52512-opec-and-its-allies-reach-deal-to-cut-oil-production-through-july-cnn-business.md) | -8.3% | +2.6% |
| WTI | 2019-01-18 | [OPEC reveals new voluntary production adjustments TABLE](https://feedsoft.ai/events/60998-opec-reveals-new-voluntary-production-adjustments-table.md) | +2.1% | +4.8% |
| WTI | 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) | +3.3% | +1.9% |
| WTI | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +12.5% | +19.3% |
| BRENT | 2019-07-02 | [Opec agrees to extend cuts for nine months amid demand concerns \| The National](https://feedsoft.ai/events/58008-opec-agrees-to-extend-cuts-for-nine-months-amid-demand-concerns-the-national.md) | -0.9% | -3.2% |
| BRENT | 2020-06-06 | [OPEC and its allies reach deal to cut oil production through July \| CNN Business](https://feedsoft.ai/events/52512-opec-and-its-allies-reach-deal-to-cut-oil-production-through-july-cnn-business.md) | -7.2% | +3.3% |
| BRENT | 2019-01-18 | [OPEC reveals new voluntary production adjustments TABLE](https://feedsoft.ai/events/60998-opec-reveals-new-voluntary-production-adjustments-table.md) | +1.0% | +6.2% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2023-11-30/opec-agrees-on-1-million-barrels-of-additional-oil-output-cuts
- upstreamonline.com: https://www.upstreamonline.com/politics/opec-reaches-deal-to-deepen-voluntary-production-cuts-amid-global-demand-concerns/2-1-1563571

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