# No plan to change current crude production output – OPEC – Businessday NG

> OPEC's Joint Ministerial Monitoring Committee decided on August 4, 2023 to keep crude production levels unchanged. The committee recognised Saudi Arabia's 1 million bpd voluntary cut, extended to September, and Russia's 300,000 bpd export reduction for September. It asked members for full conformity and stood ready to take additional measures.

- Date: 2023-08-08 · published 2023-08-08T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/34495-no-plan-to-change-current-crude-production-output-opec-businessday-ng
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The status quo keeps supply restraint in place, supporting crude prices and the energy costs that feed into feed manufacturing and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2021-11-04 | [OPEC+ holds firm on current oil production plan](https://feedsoft.ai/events/43985-opec-holds-firm-on-current-oil-production-plan.md) | +1.5% | -15.1% |
| BRENT | 2018-01-21 | [OPEC’s output curb seen going past 2018 - Businessday NG](https://feedsoft.ai/events/66903-opec-s-output-curb-seen-going-past-2018-businessday-ng.md) | +2.5% | -5.9% |
| BRENT | 2023-02-01 | [OPEC+ agrees to stick to current production scheme](https://feedsoft.ai/events/37223-opec-agrees-to-stick-to-current-production-scheme.md) | -0.8% | -0.5% |
| BRENT | 2023-04-02 | [Oil prices: Brent crude, WTI surge after OPEC producers announce production cuts \| CNN Business](https://feedsoft.ai/events/7953-oil-prices-brent-crude-wti-surge-after-opec-producers-announce-production-cuts.md) | +7.4% | +1.0% |
| BRENT | 2024-06-02 | [OPEC+ to extend deep oil production cuts into 2025 \| CNN Business](https://feedsoft.ai/events/29654-opec-to-extend-deep-oil-production-cuts-into-2025-cnn-business.md) | -2.0% | +7.9% |
| WTI | 2021-11-04 | [OPEC+ holds firm on current oil production plan](https://feedsoft.ai/events/43985-opec-holds-firm-on-current-oil-production-plan.md) | +0.5% | -17.6% |
| WTI | 2018-01-21 | [OPEC’s output curb seen going past 2018 - Businessday NG](https://feedsoft.ai/events/66903-opec-s-output-curb-seen-going-past-2018-businessday-ng.md) | +4.5% | -2.5% |
| WTI | 2023-02-01 | [OPEC+ agrees to stick to current production scheme](https://feedsoft.ai/events/37223-opec-agrees-to-stick-to-current-production-scheme.md) | -2.2% | -1.7% |

## Sources

- businessday.ng: https://businessday.ng/energy/oilandgas/article/no-plan-to-change-current-crude-production-output-opec/

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