# Top OPEC+ committee urges compliance after major voluntary cuts announced | S&P Global

> OPEC+'s Joint Ministerial Monitoring Committee confirmed an additional combined cut of 1.66 million b/d running through the end of 2023. It urged participants to achieve full quota conformity and follow the compensation mechanism. Brent futures rose more than 5% in early trading on April 3.

- Date: 2023-04-03 · published 2023-04-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/36322-top-opec-committee-urges-compliance-after-major-voluntary-cuts-announced-s-and
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Confirmation of the cuts and the call for compliance reduces doubt about future supply, supporting crude prices. Stronger crude supports energy costs across the feed and transport chain.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-11-30 | [Instant view: OPEC+ announces voluntary oil output cuts \| Reuters](https://feedsoft.ai/events/33083-instant-view-opec-announces-voluntary-oil-output-cuts-reuters.md) | -10.5% | -5.2% |
| BRENT | 2023-11-30 | [Opec+ reaches deal to deepen voluntary production cuts amid global demand concerns \| Upstream](https://feedsoft.ai/events/32493-opec-reaches-deal-to-deepen-voluntary-production-cuts-amid-global-demand.md) | -10.5% | -5.2% |
| BRENT | 2020-09-17 | [Oil reverses losses to gain 2% as OPEC urges compliance with production cuts](https://feedsoft.ai/events/51278-oil-reverses-losses-to-gain-2-as-opec-urges-compliance-with-production-cuts.md) | -0.7% | +2.0% |
| BRENT | 2021-02-01 | [Crude oil futures tick higher as Saudi Arabia's voluntary production cuts begin \| S&P Global](https://feedsoft.ai/events/48813-crude-oil-futures-tick-higher-as-saudi-arabia-s-voluntary-production-cuts-begin.md) | +6.9% | +18.8% |
| 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% |
| WTI | 2023-11-30 | [Instant view: OPEC+ announces voluntary oil output cuts \| Reuters](https://feedsoft.ai/events/33083-instant-view-opec-announces-voluntary-oil-output-cuts-reuters.md) | -11.0% | -7.4% |
| WTI | 2023-11-30 | [Opec+ reaches deal to deepen voluntary production cuts amid global demand concerns \| Upstream](https://feedsoft.ai/events/32493-opec-reaches-deal-to-deepen-voluntary-production-cuts-amid-global-demand.md) | -11.0% | -7.4% |
| WTI | 2020-09-17 | [Oil reverses losses to gain 2% as OPEC urges compliance with production cuts](https://feedsoft.ai/events/51278-oil-reverses-losses-to-gain-2-as-opec-urges-compliance-with-production-cuts.md) | -0.6% | +1.9% |

## Sources

- spglobal.com: https://www.spglobal.com/energy/en/news-research/latest-news/crude-oil/040323-top-opec-committee-urges-compliance-after-major-voluntary-cuts-announced

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