# OPEC+ maintains output reduction to boost oil prices - AL-MONITOR: The Middle Eastʼs leading independent news source since 2012

> OPEC+ ministers kept their current output reduction strategy unchanged after Saudi Arabia and Russia vowed to keep their cuts. Crude had approached $100 a barrel the previous week before easing on worries about a slowing economy and high interest rates.

- Date: 2023-10-04 · published 2023-10-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/33524-opec-maintains-output-reduction-to-boost-oil-prices-al-monitor-the-middle-east
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The unchanged cuts keep physical crude supply tight, supporting fuel and freight costs for the feed sector. Demand concerns from slower growth and higher rates cap how far prices can rise.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-07-24 | [OPEC moves to cap Nigerian oil output, boost production cut compliance \| CBC News](https://feedsoft.ai/events/69865-opec-moves-to-cap-nigerian-oil-output-boost-production-cut-compliance-cbc-news.md) | +8.6% | +6.1% |
| WTI | 2022-10-05 | [OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times](https://feedsoft.ai/events/39061-opec-agrees-to-cut-oil-production-to-boost-sliding-prices-los-angeles-times.md) | +3.3% | +1.9% |
| WTI | 2024-04-04 | [OPEC+ keeps current oil production cut policy unchanged  – Middle East Monitor](https://feedsoft.ai/events/30647-opec-keeps-current-oil-production-cut-policy-unchanged-middle-east-monitor.md) | +0.9% | -6.8% |
| WTI | 2020-08-19 | [OPEC+ leaders push to maintain production cuts as oil recovery slows](https://feedsoft.ai/events/51534-opec-leaders-push-to-maintain-production-cuts-as-oil-recovery-slows.md) | +0.8% | -6.3% |
| WTI | 2023-06-04 | [Opec+ to extend cuts in oil output into 2024 as prices flag \| Opec \| The Guardian](https://feedsoft.ai/events/35401-opec-to-extend-cuts-in-oil-output-into-2024-as-prices-flag-opec-the-guardian.md) | -2.2% | -2.8% |
| BRENT | 2017-07-24 | [OPEC moves to cap Nigerian oil output, boost production cut compliance \| CBC News](https://feedsoft.ai/events/69865-opec-moves-to-cap-nigerian-oil-output-boost-production-cut-compliance-cbc-news.md) | +9.4% | +8.5% |
| BRENT | 2022-10-05 | [OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times](https://feedsoft.ai/events/39061-opec-agrees-to-cut-oil-production-to-boost-sliding-prices-los-angeles-times.md) | +2.1% | +2.3% |
| BRENT | 2024-04-04 | [OPEC+ keeps current oil production cut policy unchanged  – Middle East Monitor](https://feedsoft.ai/events/30647-opec-keeps-current-oil-production-cut-policy-unchanged-middle-east-monitor.md) | +1.2% | -7.2% |

## Sources

- al-monitor.com: https://www.al-monitor.com/originals/2023/10/opec-maintains-output-reduction-boost-oil-prices

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