# Instant view: OPEC+ announces voluntary oil output cuts | Reuters

> OPEC+ announced voluntary output cuts for early 2024, with no group-wide cut agreed. Analysts said the outcome fell short of expectations, and Brazil was invited to join the group without taking on cut obligations.

- Date: 2023-11-30 · published 2023-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/33083-instant-view-opec-announces-voluntary-oil-output-cuts-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Voluntary, uncoordinated cuts leave doubt about how much supply actually comes off, so crude may hold support but with less conviction. Crude costs feed into freight, fertilizer and energy-linked feed inputs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-05-01 | [OPEC+ announces surprise oil output cuts](https://feedsoft.ai/events/36320-opec-announces-surprise-oil-output-cuts.md) | -6.0% | -4.7% |
| BRENT | 2021-03-04 | [OPEC+ extends most oil output cuts into April, Saudi keeps voluntary curb](https://feedsoft.ai/events/48039-opec-extends-most-oil-output-cuts-into-april-saudi-keeps-voluntary-curb.md) | +5.2% | -1.3% |
| BRENT | 2024-05-30 | [OPEC+ discuss keeping voluntary oil cuts until year-end, sources say \| Reuters](https://feedsoft.ai/events/30157-opec-discuss-keeping-voluntary-oil-cuts-until-year-end-sources-say-reuters.md) | -6.8% | +3.6% |
| BRENT | 2023-10-04 | [Saudi Arabia, Russia to continue voluntary oil cuts \| Reuters](https://feedsoft.ai/events/33520-saudi-arabia-russia-to-continue-voluntary-oil-cuts-reuters.md) | -3.8% | -6.0% |
| BRENT | 2023-04-03 | [Opec+ agrees to stick to oil output targets as members pledge voluntary cuts    \| The National](https://feedsoft.ai/events/36324-opec-agrees-to-stick-to-oil-output-targets-as-members-pledge-voluntary-cuts-the.md) | +7.4% | +1.0% |
| WTI | 2023-05-01 | [OPEC+ announces surprise oil output cuts](https://feedsoft.ai/events/36320-opec-announces-surprise-oil-output-cuts.md) | -7.1% | -5.6% |
| WTI | 2021-03-04 | [OPEC+ extends most oil output cuts into April, Saudi keeps voluntary curb](https://feedsoft.ai/events/48039-opec-extends-most-oil-output-cuts-into-april-saudi-keeps-voluntary-curb.md) | +5.1% | -3.5% |
| WTI | 2024-05-30 | [OPEC+ discuss keeping voluntary oil cuts until year-end, sources say \| Reuters](https://feedsoft.ai/events/30157-opec-discuss-keeping-voluntary-oil-cuts-until-year-end-sources-say-reuters.md) | -6.5% | +3.4% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/view-opec-announces-voluntary-oil-output-cuts-2023-11-30/

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