# Opec+ agrees to stick to oil output targets as members pledge voluntary cuts    | The National

> OPEC+ members agreed to keep existing output targets after several members, including Saudi Arabia, the UAE and Russia, pledged voluntary cuts of 1.66 million bpd for the rest of 2023. The group said it will review market conditions and meet again on June 4. The cuts follow a 2 million bpd reduction announced in October 2022.

- Date: 2023-04-03 · published 2023-04-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/36324-opec-agrees-to-stick-to-oil-output-targets-as-members-pledge-voluntary-cuts-the
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The agreement to hold quotas and add voluntary cuts signals a managed supply reduction that supports crude prices. Sustained higher crude costs raise energy and logistics expenses for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-06-04 | [Opec+ members agree to extend voluntary oil output cuts until end of 2024 \| The National](https://feedsoft.ai/events/35397-opec-members-agree-to-extend-voluntary-oil-output-cuts-until-end-of-2024-the.md) | -1.7% | -1.8% |
| BRENT | 2023-11-30 | [OPEC+ members agree to significant voluntary oil production cuts \| CNN Business](https://feedsoft.ai/events/33086-opec-members-agree-to-significant-voluntary-oil-production-cuts-cnn-business.md) | -10.5% | -5.2% |
| BRENT | 2023-08-04 | [OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut](https://feedsoft.ai/events/34492-opec-sticks-to-oil-output-policy-as-saudi-extends-voluntary-production-cut.md) | +1.5% | +1.6% |
| 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 | 2022-01-04 | [Oil prices jump as Opec+ agrees to continue output increase in February \| The National](https://feedsoft.ai/events/43063-oil-prices-jump-as-opec-agrees-to-continue-output-increase-in-february-the.md) | +3.3% | +16.7% |
| WTI | 2023-06-04 | [Opec+ members agree to extend voluntary oil output cuts until end of 2024 \| The National](https://feedsoft.ai/events/35397-opec-members-agree-to-extend-voluntary-oil-output-cuts-until-end-of-2024-the.md) | -2.2% | -2.8% |
| WTI | 2023-11-30 | [OPEC+ members agree to significant voluntary oil production cuts \| CNN Business](https://feedsoft.ai/events/33086-opec-members-agree-to-significant-voluntary-oil-production-cuts-cnn-business.md) | -11.0% | -7.4% |
| WTI | 2023-08-04 | [OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut](https://feedsoft.ai/events/34492-opec-sticks-to-oil-output-policy-as-saudi-extends-voluntary-production-cut.md) | +1.5% | +2.5% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/2023/04/03/opec-agrees-to-stick-to-oil-output-targets-as-members-pledge-voluntary-cuts/

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