# Opec+ cuts oil output to 40.46 million barrels per day  throughout 2024 | Khaleej Times

> OPEC+ decided to set overall crude production at 40.46 million bpd from 1 January to 31 December 2024. The decision followed the 35th OPEC and non-OPEC Ministerial Meeting in Vienna on Sunday. The Joint Ministerial Monitoring Committee was also empowered to call additional meetings to respond to market developments.

- Date: 2023-06-04 · published 2023-06-04T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/35399-opec-cuts-oil-output-to-40-46-million-barrels-per-day-throughout-2024-khaleej
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A fixed 2024 production ceiling limits crude supply growth and supports oil prices. Energy costs feed into transport and processing expenses for feed ingredients.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2018-12-07 | [OPEC gets Iran green light to cut oil output by 0.8 million barrels per day: source](https://feedsoft.ai/events/61455-opec-gets-iran-green-light-to-cut-oil-output-by-0-8-million-barrels-per-day.md) | +2.2% | -6.2% |
| WTI | 2016-11-30 | [OPEC reaches agreement to cut oil production to 32.5 million barrels a day: Oil ministers](https://feedsoft.ai/events/8568-opec-reaches-agreement-to-cut-oil-production-to-32-5-million-barrels-a-day-oil.md) | +12.5% | +19.3% |
| WTI | 2023-11-30 | [Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy](https://feedsoft.ai/events/33084-riyadh-to-extend-1-million-barrel-per-day-cut-as-opec-holds-policy.md) | -11.0% | -7.4% |
| WTI | 2019-12-06 | [OPEC, allies to lower oil output 500,000 barrels more](https://feedsoft.ai/events/55495-opec-allies-to-lower-oil-output-500-000-barrels-more.md) | +1.3% | +7.9% |
| WTI | 2016-12-27 | [Venezuela Aims to Cut 95,000 Barrels Per Day of Crude Output in OPEC Deal](https://feedsoft.ai/events/73637-venezuela-aims-to-cut-95-000-barrels-per-day-of-crude-output-in-opec-deal.md) | +0.0% | -0.0% |
| BRENT | 2018-12-07 | [OPEC gets Iran green light to cut oil output by 0.8 million barrels per day: source](https://feedsoft.ai/events/61455-opec-gets-iran-green-light-to-cut-oil-output-by-0-8-million-barrels-per-day.md) | +2.2% | -2.9% |
| BRENT | 2016-11-30 | [OPEC reaches agreement to cut oil production to 32.5 million barrels a day: Oil ministers](https://feedsoft.ai/events/8568-opec-reaches-agreement-to-cut-oil-production-to-32-5-million-barrels-a-day-oil.md) | +16.7% | +22.1% |
| BRENT | 2023-11-30 | [Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy](https://feedsoft.ai/events/33084-riyadh-to-extend-1-million-barrel-per-day-cut-as-opec-holds-policy.md) | -10.5% | -5.2% |

## Sources

- khaleejtimes.com: https://www.khaleejtimes.com/business/opec-cuts-oil-output-to-40-46-million-barrels-per-day-throughout-2024

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