# OPEC+ panel keeps policy unchanged against backdrop of stronger oil market

> An OPEC+ ministerial panel (JMMC) left its group output policy unchanged on August 4, 2023. The decision came after Saudi Arabia extended its 1 million bpd voluntary cut into September and Russia pledged a 300,000 bpd export cut for that month. Oil prices had risen more than 14% in July and traded near $86 a barrel.

- Date: 2023-08-04 · published 2023-08-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34489-opec-panel-keeps-policy-unchanged-against-backdrop-of-stronger-oil-market
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Saudi and Russian voluntary cuts keep supply tight, which supports crude prices and, through energy costs, freight and biofuel economics for feed inputs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2026-10-01 | [OPEC+ keeps output policy unchanged for October](https://feedsoft.ai/events/17381-opec-keeps-output-policy-unchanged-for-october.md) | +2.6% | +8.8% |
| 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% |
| BRENT | 2024-04-03 | [OPEC+ keeps output policy steady as oil nears $90 a barrel](https://feedsoft.ai/events/30641-opec-keeps-output-policy-steady-as-oil-nears-90-a-barrel.md) | +2.8% | -0.3% |
| BRENT | 2026-10-04 | [OPEC+ Keeps November Oil Production Unchanged As Crude Prices Hold September Gains](https://feedsoft.ai/events/17215-opec-keeps-november-oil-production-unchanged-as-crude-prices-hold-september.md) | -0.9% | +2.2% |
| BRENT | 2022-11-30 | [Crude Oil Prices Rise On Concerns OPEC+ Could Keep Oil Output Policy Unchanged](https://feedsoft.ai/events/38850-crude-oil-prices-rise-on-concerns-opec-could-keep-oil-output-policy-unchanged.md) | -4.2% | -0.8% |
| WTI | 2026-10-01 | [OPEC+ keeps output policy unchanged for October](https://feedsoft.ai/events/17381-opec-keeps-output-policy-unchanged-for-october.md) | -2.3% | +8.7% |
| 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 | 2024-04-03 | [OPEC+ keeps output policy steady as oil nears $90 a barrel](https://feedsoft.ai/events/30641-opec-keeps-output-policy-steady-as-oil-nears-90-a-barrel.md) | +0.1% | -3.2% |

## Sources

- gulfnews.com: https://gulfnews.com/business/energy/opec-panel-keeps-policy-unchanged-against-backdrop-of-stronger-oil-market-1.97360744

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