# OPEC+ agrees to voluntary oil output cuts - Business & Finance - Business Recorder

> OPEC+ agreed to voluntary output cuts approaching 2 million bpd for early 2024, led by Saudi Arabia rolling over its cut. The group failed to agree a collective cut, and Brent futures fell about 1.6% after an earlier gain.

- Date: 2023-11-30 · published 2023-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/33089-opec-agrees-to-voluntary-oil-output-cuts-business-and-finance-business-recorder
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Voluntary cuts without a group mandate leave the supply response uncertain, so crude gains are likely to be limited. Weaker crude eases energy costs for feed logistics.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-01-03 | [OPEC ready to adjust oil output increases: Barkindo - Markets - Business Recorder](https://feedsoft.ai/events/49056-opec-ready-to-adjust-oil-output-increases-barkindo-markets-business-recorder.md) | +7.8% | +10.6% |
| WTI | 2022-08-03 | [OPEC+ approves tiny oil output rise in rebuff to Biden - Markets - Business Recorder](https://feedsoft.ai/events/39954-opec-approves-tiny-oil-output-rise-in-rebuff-to-biden-markets-business-recorder.md) | -4.1% | -4.5% |
| WTI | 2020-12-03 | [Opec+ agrees output hike from January - Business - DAWN.COM](https://feedsoft.ai/events/49556-opec-agrees-output-hike-from-january-business-dawn-com.md) | +0.5% | +7.0% |
| WTI | 2022-08-03 | [OPEC agrees to produce slightly more oil as recession fears loom \| CNN Business](https://feedsoft.ai/events/39949-opec-agrees-to-produce-slightly-more-oil-as-recession-fears-loom-cnn-business.md) | -4.1% | -4.5% |
| WTI | 2026-10-28 | [Opec+ agrees in principle to keep oil output targets steady in December, sources say - The Business Times](https://feedsoft.ai/events/4126-opec-agrees-in-principle-to-keep-oil-output-targets-steady-in-december-sources.md) | -2.1% | — |
| BRENT | 2021-01-03 | [OPEC ready to adjust oil output increases: Barkindo - Markets - Business Recorder](https://feedsoft.ai/events/49056-opec-ready-to-adjust-oil-output-increases-barkindo-markets-business-recorder.md) | +8.2% | +7.9% |
| BRENT | 2022-08-03 | [OPEC+ approves tiny oil output rise in rebuff to Biden - Markets - Business Recorder](https://feedsoft.ai/events/39954-opec-approves-tiny-oil-output-rise-in-rebuff-to-biden-markets-business-recorder.md) | -3.4% | -4.0% |
| BRENT | 2020-12-03 | [Opec+ agrees output hike from January - Business - DAWN.COM](https://feedsoft.ai/events/49556-opec-agrees-output-hike-from-january-business-dawn-com.md) | +1.7% | +7.3% |

## Sources

- aljazeera.com: https://www.aljazeera.com/news/2023/11/30/opec-agrees-voluntary-oil-production-cuts
- brecorder.com: https://www.brecorder.com/news/40276156

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