# Opec+ members agree to extend voluntary oil output cuts until end of 2024 | The National

> OPEC+ members Saudi Arabia, the UAE, Iraq, Kuwait, Oman and Algeria agreed to extend voluntary output cuts until the end of 2024. Saudi Arabia will add a 1 million bpd cut in July, and Russia will extend its 500,000 bpd cut through next year. The alliance set a new production target of 40.46 million bpd.

- Date: 2023-06-04 · published 2023-06-04T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/35397-opec-members-agree-to-extend-voluntary-oil-output-cuts-until-end-of-2024-the
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Extended voluntary cuts reduce crude supply for 2024, which supports oil prices. Higher energy costs raise the cost of diesel, transport and fertiliser for feed makers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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% |
| WTI | 2024-03-04 | [Saudi Arabia and the UAE among Opec+ members extending oil output cuts \| The National](https://feedsoft.ai/events/31114-saudi-arabia-and-the-uae-among-opec-members-extending-oil-output-cuts-the.md) | -2.4% | +4.6% |
| WTI | 2019-02-07 | [MEED \| Opec+ agrees to extend oil output cuts till March 2020](https://feedsoft.ai/events/60521-meed-opec-agrees-to-extend-oil-output-cuts-till-march-2020.md) | -0.2% | +4.2% |
| WTI | 2019-07-02 | [OPEC, Russia Agree To Extend Oil Output Cuts Into 2020](https://feedsoft.ai/events/58009-opec-russia-agree-to-extend-oil-output-cuts-into-2020.md) | -2.2% | -1.6% |
| WTI | 2024-04-01 | [OPEC+ members extend oil output cuts to second quarter](https://feedsoft.ai/events/31108-opec-members-extend-oil-output-cuts-to-second-quarter.md) | +4.5% | +1.4% |
| 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 | 2024-03-04 | [Saudi Arabia and the UAE among Opec+ members extending oil output cuts \| The National](https://feedsoft.ai/events/31114-saudi-arabia-and-the-uae-among-opec-members-extending-oil-output-cuts-the.md) | -1.2% | +3.1% |
| BRENT | 2019-02-07 | [MEED \| Opec+ agrees to extend oil output cuts till March 2020](https://feedsoft.ai/events/60521-meed-opec-agrees-to-extend-oil-output-cuts-till-march-2020.md) | +1.6% | +4.5% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/2023/06/04/opec-agrees-to-2024-production-target-of-4046-million-bpd-amid-demand-concerns/

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