# OPEC+ agrees to maintain oil production targets

> Axios reported that OPEC and allied producers agreed to keep current oil output targets during a Sunday videoconference. The decision followed a recent drop in energy prices and came before the G7 price cap on Russian oil took effect.

- Date: 2022-12-04 · published 2022-12-04T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Keeping the October 2 million bpd cut in place limits supply growth, providing some support to crude and diesel prices that feed costs depend on.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2020-08-19 | [OPEC+ leaders push to maintain production cuts as oil recovery slows](https://feedsoft.ai/events/51534-opec-leaders-push-to-maintain-production-cuts-as-oil-recovery-slows.md) | +0.8% | -6.3% |
| WTI | 2023-02-01 | [OPEC+ agrees to stick to current production scheme](https://feedsoft.ai/events/37223-opec-agrees-to-stick-to-current-production-scheme.md) | -2.2% | -1.7% |
| 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% |
| 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% |
| BRENT | 2020-08-19 | [OPEC+ leaders push to maintain production cuts as oil recovery slows](https://feedsoft.ai/events/51534-opec-leaders-push-to-maintain-production-cuts-as-oil-recovery-slows.md) | +1.2% | -11.8% |

## Sources

- axios.com: https://www.axios.com/2022/12/04/opec-maintain-oil-production-targets
- reuters.com: https://www.reuters.com/business/energy/opec-heading-no-policy-change-sunday-talks-sources-2022-12-04/

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