# OPEC+ opts for 'voluntary cuts' in oil production, invites Brazil to join - EFE

> OPEC+ opted for voluntary cuts totaling about 2.2 million bpd for 2024 and invited Brazil to join from January. Markets reversed their recent upward trend after the meeting ended without a press conference or binding cuts.

- Date: 2023-11-30 · published 2023-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/33088-opec-opts-for-voluntary-cuts-in-oil-production-invites-brazil-to-join-efe
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The lack of binding commitments disappointed the market, so the price support from cuts is less certain. Brazil's entry adds a non-restricted producer that may limit future supply discipline.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-12-01 | [For How Long Will OPEC Extend Production Cuts?](https://feedsoft.ai/events/68171-for-how-long-will-opec-extend-production-cuts.md) | -2.0% | +4.9% |
| BRENT | 2023-11-30 | [OPEC+ agrees to voluntary oil output cuts - Business & Finance - Business Recorder](https://feedsoft.ai/events/33089-opec-agrees-to-voluntary-oil-output-cuts-business-and-finance-business-recorder.md) | -10.5% | -5.2% |
| BRENT | 2022-01-04 | [OPEC+ sticks to existing production policy for February](https://feedsoft.ai/events/43064-opec-sticks-to-existing-production-policy-for-february.md) | +3.3% | +16.7% |
| BRENT | 2023-03-16 | [OPEC to wait for calmer financial markets before making oil production cut decision](https://feedsoft.ai/events/36771-opec-to-wait-for-calmer-financial-markets-before-making-oil-production-cut.md) | +3.2% | +16.6% |
| BRENT | 2024-01-02 | [OPEC+ To Meet In Early February To Review Production: Report](https://feedsoft.ai/events/32034-opec-to-meet-in-early-february-to-review-production-report.md) | -2.0% | +7.5% |
| WTI | 2017-12-01 | [For How Long Will OPEC Extend Production Cuts?](https://feedsoft.ai/events/68171-for-how-long-will-opec-extend-production-cuts.md) | -1.5% | +5.3% |
| WTI | 2023-11-30 | [OPEC+ agrees to voluntary oil output cuts - Business & Finance - Business Recorder](https://feedsoft.ai/events/33089-opec-agrees-to-voluntary-oil-output-cuts-business-and-finance-business-recorder.md) | -11.0% | -7.4% |
| WTI | 2022-01-04 | [OPEC+ sticks to existing production policy for February](https://feedsoft.ai/events/43064-opec-sticks-to-existing-production-policy-for-february.md) | +2.8% | +16.0% |

## Sources

- efe.com: https://efe.com/latest-news/2023-11-30/opec-opts-for-voluntary-cuts-in-oil-production-invites-brazil-to-join/

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