# Explainer-Why is OPEC+ cutting oil output?

> OPEC+ meets in Vienna on June 4 to decide its output policy. The group agreed in April to deepen cuts to 3.66 million bpd, and Brent has since given back the gains that followed.

- Date: 2023-05-30 · published 2023-05-30T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/35859-explainer-why-is-opec-cutting-oil-output
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Output cuts support crude prices, which feed into fuel, freight and fertilizer costs. The June decision will determine whether that support continues.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-05-31 | [Explainer: Why is OPEC+ Cutting Oil Output? - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/36114-explainer-why-is-opec-cutting-oil-output-energy-news-top-headlines-commentaries.md) | +3.8% | -1.9% |
| BRENT | 2025-01-29 | [Kazakhstan to decide on oil output cuts after OPEC+ meeting \| Reuters](https://feedsoft.ai/events/26426-kazakhstan-to-decide-on-oil-output-cuts-after-opec-meeting-reuters.md) | -1.7% | -6.0% |
| BRENT | 2016-11-22 | [Oil prices ease off three-week high on worries over OPEC output cut](https://feedsoft.ai/events/74007-oil-prices-ease-off-three-week-high-on-worries-over-opec-output-cut.md) | +0.1% | +14.4% |
| BRENT | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +1.5% | +6.0% |
| BRENT | 2023-11-30 | [OPEC+ agrees to voluntary oil output cuts - Business & Finance - Business Recorder](https://feedsoft.ai/events/33089-opec-agrees-to-voluntary-oil-output-cuts-business-and-finance-business-recorder.md) | -10.5% | -5.2% |
| WTI | 2023-05-31 | [Explainer: Why is OPEC+ Cutting Oil Output? - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/36114-explainer-why-is-opec-cutting-oil-output-energy-news-top-headlines-commentaries.md) | +3.3% | +0.1% |
| WTI | 2025-01-29 | [Kazakhstan to decide on oil output cuts after OPEC+ meeting \| Reuters](https://feedsoft.ai/events/26426-kazakhstan-to-decide-on-oil-output-cuts-after-opec-meeting-reuters.md) | -1.5% | -7.1% |
| WTI | 2016-11-22 | [Oil prices ease off three-week high on worries over OPEC output cut](https://feedsoft.ai/events/74007-oil-prices-ease-off-three-week-high-on-worries-over-opec-output-cut.md) | -4.7% | +10.0% |

## Sources

- finance.yahoo.com: https://finance.yahoo.com/news/explainer-why-opec-cutting-oil-135639579.html

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