# OPEC+ agrees to stick to current production scheme

> OPEC+ agreed on February 1 to keep its current production policy at the 47th JMMC videoconference. The group will continue cutting 2 million barrels per day until the end of 2023, with the next ministerial meeting on April 3.

- Date: 2023-02-01 · published 2023-02-01T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/37223-opec-agrees-to-stick-to-current-production-scheme
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Continued cuts keep crude supply tight, supporting oil prices and energy costs that feed into feed manufacturing and biofuel economics.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-07-01 | [OPEC agrees to extend current production cuts by 9 months](https://feedsoft.ai/events/58006-opec-agrees-to-extend-current-production-cuts-by-9-months.md) | -1.4% | -2.5% |
| WTI | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -6.2% |
| WTI | 2023-11-30 | [OPEC+ agrees to oil production cut  \| Oil & Gas Journal](https://feedsoft.ai/events/33087-opec-agrees-to-oil-production-cut-oil-and-gas-journal.md) | -11.0% | -7.4% |
| WTI | 2022-12-04 | [OPEC+ agrees to maintain oil production targets](https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets.md) | -11.1% | -3.8% |
| WTI | 2021-11-04 | [OPEC+ holds firm on current oil production plan](https://feedsoft.ai/events/43985-opec-holds-firm-on-current-oil-production-plan.md) | +0.5% | -17.6% |
| BRENT | 2019-07-01 | [OPEC agrees to extend current production cuts by 9 months](https://feedsoft.ai/events/58006-opec-agrees-to-extend-current-production-cuts-by-9-months.md) | -4.2% | -6.1% |
| BRENT | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -2.9% |
| BRENT | 2023-11-30 | [OPEC+ agrees to oil production cut  \| Oil & Gas Journal](https://feedsoft.ai/events/33087-opec-agrees-to-oil-production-cut-oil-and-gas-journal.md) | -10.5% | -5.2% |

## Sources

- aa.com.tr: https://www.aa.com.tr/en/economy/opec-agrees-to-stick-to-current-production-scheme/2803577
- middleeastmonitor.com: https://www.middleeastmonitor.com/20230202-opec-agrees-to-stick-to-current-production-levels/

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