# OPEC Output Slides as Group Sticks With Deal to Balance Market - Bloomberg

> OPEC crude output fell by 60,000 barrels a day to 29.12 million barrels a day last month, with Saudi Arabia and Libya lower while other members modestly increased. The group continued to adhere to its accord to balance markets.

- Date: 2023-02-02 · published 2023-02-02T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/37217-opec-output-slides-as-group-sticks-with-deal-to-balance-market-bloomberg
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Slightly lower OPEC supply supports crude prices modestly, which can firm energy-linked costs for biofuel feedstocks and freight.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-01-19 | [IEA: OPEC output cuts under scrutiny as market tightens](https://feedsoft.ai/events/72916-iea-opec-output-cuts-under-scrutiny-as-market-tightens.md) | +1.6% | +2.4% |
| BRENT | 2017-12-04 | [OPEC oil output falls in November to lowest since May](https://feedsoft.ai/events/67408-opec-oil-output-falls-in-november-to-lowest-since-may.md) | -0.6% | +4.0% |
| BRENT | 2021-08-31 | [OPEC+ Sees 2021 Oil Deficit, 2022 Surplus as Supply Revived - Bloomberg](https://feedsoft.ai/events/45472-opec-sees-2021-oil-deficit-2022-surplus-as-supply-revived-bloomberg.md) | -0.4% | +8.7% |
| BRENT | 2018-01-19 | [IEA Sees Oil Markets Tightening as PDVSA Output](https://feedsoft.ai/events/66904-iea-sees-oil-markets-tightening-as-pdvsa-output.md) | +2.0% | -8.4% |
| BRENT | 2019-04-10 | [OPEC's oil output plunges as Saudis slash output](https://feedsoft.ai/events/59506-opec-s-oil-output-plunges-as-saudis-slash-output.md) | +0.6% | -0.1% |
| WTI | 2017-01-19 | [IEA: OPEC output cuts under scrutiny as market tightens](https://feedsoft.ai/events/72916-iea-opec-output-cuts-under-scrutiny-as-market-tightens.md) | +2.4% | +3.9% |
| WTI | 2017-12-04 | [OPEC oil output falls in November to lowest since May](https://feedsoft.ai/events/67408-opec-oil-output-falls-in-november-to-lowest-since-may.md) | -1.9% | +3.5% |
| WTI | 2018-01-19 | [IEA Sees Oil Markets Tightening as PDVSA Output](https://feedsoft.ai/events/66904-iea-sees-oil-markets-tightening-as-pdvsa-output.md) | +2.5% | -3.9% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2023-02-02/opec-output-slides-as-group-sticks-with-deal-to-balance-market

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