# OPEC+ agrees to oil production cut  | Oil & Gas Journal

> OPEC+ agreed additional production cuts after a slump in oil prices. Iraq, the UAE, Kuwait, Kazakhstan, Algeria and Oman each committed to specific reductions, and Russia added a 500,000 bpd voluntary cut, with all cuts running from January 1 through the first quarter of 2024.

- Date: 2023-11-30 · published 2023-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/33087-opec-agrees-to-oil-production-cut-oil-and-gas-journal
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Country-level cut commitments totaling roughly 2 million bpd add real supply restraint for early 2024. That supports crude and the energy costs behind feed logistics.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -2.9% |
| BRENT | 2022-12-04 | [OPEC+ agrees to maintain oil production targets](https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets.md) | -11.4% | -5.6% |
| BRENT | 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) | +16.7% | +22.1% |
| 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 | 2023-02-01 | [OPEC+ agrees to stick to current production scheme](https://feedsoft.ai/events/37223-opec-agrees-to-stick-to-current-production-scheme.md) | -0.8% | -0.5% |
| WTI | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -6.2% |
| WTI | 2022-12-04 | [OPEC+ agrees to maintain oil production targets](https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets.md) | -11.1% | -3.8% |
| 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% |

## Sources

- ogj.com: https://www.ogj.com/general-interest/economics-markets/article/14302092/opec-agrees-to-oil-production-cut

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