# Oil prices down 2% on U.S. rig count, underwhelming OPEC+ cuts

> Oil prices fell about 2% on December 1 after OPEC+ agreed to remove around 2.2 million barrels per day from the market in the first quarter. The market reacted with skepticism because the cuts are voluntary, and US oil rigs rose by 5 week over week. Brent fell to $78.84 and WTI to $74.01.

- Date: 2023-12-01 · published 2023-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/32906-oil-prices-down-2-on-u-s-rig-count-underwhelming-opec-cuts
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Doubts about OPEC+ compliance and rising US output weigh on crude prices, which feed into diesel, freight and biofuel economics. Weaker energy prices can ease cost pressure on feed and vegetable oil supply chains.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-11-30 | [Oil prices fall amid skepticism on OPEC+ supply cuts - Markets - Business Recorder](https://feedsoft.ai/events/33371-oil-prices-fall-amid-skepticism-on-opec-supply-cuts-markets-business-recorder.md) | -10.5% | -5.2% |
| BRENT | 2019-03-01 | [Crude Oil Prices Fall On Trump's OPEC Tweet But U.S. Shale Boom Continues](https://feedsoft.ai/events/60777-crude-oil-prices-fall-on-trump-s-opec-tweet-but-u-s-shale-boom-continues.md) | +0.0% | +2.2% |
| BRENT | 2017-11-28 | [Oil prices slip on OPEC deal extension jitters](https://feedsoft.ai/events/68141-oil-prices-slip-on-opec-deal-extension-jitters.md) | -0.9% | +3.6% |
| BRENT | 2020-06-30 | [OPEC, Russia seen easing oil production cuts from August - sources](https://feedsoft.ai/events/52515-opec-russia-seen-easing-oil-production-cuts-from-august-sources.md) | +3.0% | +4.2% |
| BRENT | 2021-07-19 | [Oil prices plunge on coronavirus threats, OPEC’s pledge to add barrels](https://feedsoft.ai/events/6363-oil-prices-plunge-on-coronavirus-threats-opec-s-pledge-to-add-barrels.md) | +0.6% | -4.4% |
| WTI | 2023-11-30 | [Oil prices fall amid skepticism on OPEC+ supply cuts - Markets - Business Recorder](https://feedsoft.ai/events/33371-oil-prices-fall-amid-skepticism-on-opec-supply-cuts-markets-business-recorder.md) | -11.0% | -7.4% |
| WTI | 2019-03-01 | [Crude Oil Prices Fall On Trump's OPEC Tweet But U.S. Shale Boom Continues](https://feedsoft.ai/events/60777-crude-oil-prices-fall-on-trump-s-opec-tweet-but-u-s-shale-boom-continues.md) | -1.0% | +3.6% |
| WTI | 2017-11-28 | [Oil prices slip on OPEC deal extension jitters](https://feedsoft.ai/events/68141-oil-prices-slip-on-opec-deal-extension-jitters.md) | -1.1% | +2.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2023/12/01/oil-prices-fall-extend-slide-after-opec-cuts-underwhelm.html

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