# Explainer: Why is OPEC+ Cutting Oil Output? - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com

> OPEC and allies including Russia are set to meet in Vienna on June 4 to decide output policy. The group had earlier agreed to raise production cuts to 3.66 million barrels per day, and the article explains reasons including weak global demand and banking concerns.

- Date: 2023-05-31 · published 2023-05-31T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/36114-explainer-why-is-opec-cutting-oil-output-energy-news-top-headlines-commentaries
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The upcoming June 4 OPEC+ decision could tighten or loosen crude supply, moving energy costs for feed production and transport.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-03-01 | [OPEC+ Shows No Sign of Changing Oil Output at Meeting Next Week - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/36770-opec-shows-no-sign-of-changing-oil-output-at-meeting-next-week-energy-news-top.md) | -0.5% | -6.2% |
| BRENT | 2021-05-31 | [OPEC+ Talks to Offer Clues on Next Phase of Oil Supply Revival - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/47013-opec-talks-to-offer-clues-on-next-phase-of-oil-supply-revival-energy-news-top.md) | +2.4% | +7.5% |
| BRENT | 2025-01-31 | [OPEC+ Unlikely to Change Output Policy When Panel Meets on Monday, Sources Say - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/26424-opec-unlikely-to-change-output-policy-when-panel-meets-on-monday-sources-say.md) | -3.5% | -3.4% |
| BRENT | 2023-05-30 | [Explainer-Why is OPEC+ cutting oil output?](https://feedsoft.ai/events/35859-explainer-why-is-opec-cutting-oil-output.md) | +0.0% | -3.4% |
| 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 | 2023-03-01 | [OPEC+ Shows No Sign of Changing Oil Output at Meeting Next Week - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/36770-opec-shows-no-sign-of-changing-oil-output-at-meeting-next-week-energy-news-top.md) | +2.0% | -4.9% |
| WTI | 2021-05-31 | [OPEC+ Talks to Offer Clues on Next Phase of Oil Supply Revival - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/47013-opec-talks-to-offer-clues-on-next-phase-of-oil-supply-revival-energy-news-top.md) | +4.4% | +10.0% |
| WTI | 2025-01-31 | [OPEC+ Unlikely to Change Output Policy When Panel Meets on Monday, Sources Say - Energy News, Top Headlines, Commentaries, Features & Events - EnergyNow.com](https://feedsoft.ai/events/26424-opec-unlikely-to-change-output-policy-when-panel-meets-on-monday-sources-say.md) | -2.9% | -4.2% |

## Sources

- energynow.com: https://energynow.com/2023/05/explainer-why-is-opec-cutting-oil-output/

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