# Oil Futures Lower as Market Ponders OPEC Cuts

> Oil futures fell in early trading as the market digested additional voluntary OPEC+ cuts for 1Q24. The package includes an extension of 1.3 million bpd by Saudi Arabia and Russia, about 700,000 bpd from others, and a 200,000 bpd reduction in Russian fuel exports.

- Date: 2023-12-01 · published 2023-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/32494-oil-futures-lower-as-market-ponders-opec-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

The cuts, including the Russian fuel export reduction, support crude and diesel prices, though analysts expect them to sustain current price levels rather than drive a sharp rally, which limits the cost impact on feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| DIESEL | 2023-12-01 | 1 | -6.0% | -3.5 | On Dec 1 oil futures fell as the market judged the OPEC+ 1Q24 voluntary cuts underwhelming or already priced in, a sentiment-driven selloff that likely dragged ULSD lower on the day. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-04-02 | [Oil leaps 6% as OPEC+ shocks markets by cutting output target](https://feedsoft.ai/events/7946-oil-leaps-6-as-opec-shocks-markets-by-cutting-output-target.md) | +7.4% | +1.0% |
| BRENT | 2020-08-19 | [OPEC+ leaders push to maintain production cuts as oil recovery slows](https://feedsoft.ai/events/51534-opec-leaders-push-to-maintain-production-cuts-as-oil-recovery-slows.md) | +1.2% | -11.8% |
| BRENT | 2022-09-05 | [OPEC+ agrees to make token supply cut to steady oil market](https://feedsoft.ai/events/39516-opec-agrees-to-make-token-supply-cut-to-steady-oil-market.md) | -0.9% | -5.0% |
| BRENT | 2016-12-01 | [Oil futures settle at 6-week high, above $50 after OPEC deal - MarketWatch](https://feedsoft.ai/events/9705-oil-futures-settle-at-6-week-high-above-50-after-opec-deal-marketwatch.md) | +6.6% | +12.9% |
| BRENT | 2019-01-08 | [Oil Bounces Back to Bull Market Fueled by OPEC Cuts, Trade Talks - Bloomberg](https://feedsoft.ai/events/11165-oil-bounces-back-to-bull-market-fueled-by-opec-cuts-trade-talks-bloomberg.md) | +2.9% | +9.0% |
| WTI | 2023-04-02 | [Oil leaps 6% as OPEC+ shocks markets by cutting output target](https://feedsoft.ai/events/7946-oil-leaps-6-as-opec-shocks-markets-by-cutting-output-target.md) | +5.4% | -0.0% |
| WTI | 2020-08-19 | [OPEC+ leaders push to maintain production cuts as oil recovery slows](https://feedsoft.ai/events/51534-opec-leaders-push-to-maintain-production-cuts-as-oil-recovery-slows.md) | +0.8% | -6.3% |
| WTI | 2022-09-05 | [OPEC+ agrees to make token supply cut to steady oil market](https://feedsoft.ai/events/39516-opec-agrees-to-make-token-supply-cut-to-steady-oil-market.md) | +1.0% | -3.7% |

## Sources

- wsj.com: https://www.wsj.com/finance/commodities-futures/oil-falls-on-skepticism-over-production-cut-pledge-by-opec-3fd90f71

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