# OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut

> An OPEC+ ministerial panel kept its oil output policy unchanged on August 4, 2023, even as Saudi Arabia extended its voluntary cut into September. The panel urged full compliance with cut pledges and noted Russia's 300,000 bpd export reduction for September. The next meeting is set for October 4.

- Date: 2023-08-04 · published 2023-08-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34492-opec-sticks-to-oil-output-policy-as-saudi-extends-voluntary-production-cut
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Maintained cuts and a firm compliance push keep global crude supply constrained, supporting prices that feed into energy and freight costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-03-04 | [OPEC+ extends most oil output cuts into April, Saudi keeps voluntary curb](https://feedsoft.ai/events/48039-opec-extends-most-oil-output-cuts-into-april-saudi-keeps-voluntary-curb.md) | +5.2% | -1.3% |
| BRENT | 2017-03-01 | [Oil rises as Opec sticks to output pledges, rising US production cap gains](https://feedsoft.ai/events/72159-oil-rises-as-opec-sticks-to-output-pledges-rising-us-production-cap-gains.md) | +1.5% | -6.3% |
| BRENT | 2023-04-03 | [Opec+ agrees to stick to oil output targets as members pledge voluntary cuts    \| The National](https://feedsoft.ai/events/36324-opec-agrees-to-stick-to-oil-output-targets-as-members-pledge-voluntary-cuts-the.md) | +7.4% | +1.0% |
| BRENT | 2023-10-04 | [Opec+ sticks to current output policy after oil price rally \| The National](https://feedsoft.ai/events/33522-opec-sticks-to-current-output-policy-after-oil-price-rally-the-national.md) | -3.8% | -6.0% |
| BRENT | 2023-09-05 | [Saudi Arabia, Russia extend oil production cuts to end of year](https://feedsoft.ai/events/34026-saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year.md) | +2.0% | +1.7% |
| WTI | 2021-03-04 | [OPEC+ extends most oil output cuts into April, Saudi keeps voluntary curb](https://feedsoft.ai/events/48039-opec-extends-most-oil-output-cuts-into-april-saudi-keeps-voluntary-curb.md) | +5.1% | -3.5% |
| WTI | 2017-03-01 | [Oil rises as Opec sticks to output pledges, rising US production cap gains](https://feedsoft.ai/events/72159-oil-rises-as-opec-sticks-to-output-pledges-rising-us-production-cap-gains.md) | -2.2% | -10.4% |
| WTI | 2023-04-03 | [Opec+ agrees to stick to oil output targets as members pledge voluntary cuts    \| The National](https://feedsoft.ai/events/36324-opec-agrees-to-stick-to-oil-output-targets-as-members-pledge-voluntary-cuts-the.md) | +5.4% | -0.0% |

## Sources

- db.forbesmiddleeast.com: https://db.forbesmiddleeast.com/industry/energy/opec-maintains-oil-output-policy-unchanged-after-saudi-arabias-extended-voluntary-production-cut

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