# Oil: OPEC+ imposes deep production cuts in a bid to shore up prices

> OPEC and its non-OPEC allies, including Saudi Arabia and Russia, agreed at their first in-person meeting since 2020 to cut production by 2 million bpd from November. The decision came despite US pressure to pump more, and crude had fallen to about $80 a barrel from above $120 in June.

- Date: 2022-10-05 · published 2022-10-05T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/39057-oil-opec-imposes-deep-production-cuts-in-a-bid-to-shore-up-prices
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The cut reverses the group's earlier output policy and is expected to support crude prices amid recession fears. Higher energy costs raise the cost of diesel, fertilizer and transport for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-06-02 | [Exclusive \| OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices - WSJ](https://feedsoft.ai/events/29930-exclusive-opec-agrees-to-extend-production-cuts-in-bid-to-boost-oil-prices-wsj.md) | -1.9% | +8.5% |
| WTI | 2019-12-06 | [OPEC: Saudi Arabia and Russia impose deeper oil production cuts](https://feedsoft.ai/events/55491-opec-saudi-arabia-and-russia-impose-deeper-oil-production-cuts.md) | +1.3% | +7.9% |
| WTI | 2022-10-04 | [OPEC+ agrees deep oil production cuts, Biden calls it shortsighted \| Reuters](https://feedsoft.ai/events/39055-opec-agrees-deep-oil-production-cuts-biden-calls-it-shortsighted-reuters.md) | +9.0% | +3.1% |
| WTI | 2021-01-05 | [Saudi Arabia to Cut Oil Production Sharply in Bid to Lift Prices - WSJ](https://feedsoft.ai/events/49053-saudi-arabia-to-cut-oil-production-sharply-in-bid-to-lift-prices-wsj.md) | +9.8% | +15.2% |
| WTI | 2024-06-02 | [OPEC+ to extend deep oil production cuts into 2025 \| CNN Business](https://feedsoft.ai/events/29654-opec-to-extend-deep-oil-production-cuts-into-2025-cnn-business.md) | -1.9% | +8.5% |
| BRENT | 2024-06-02 | [Exclusive \| OPEC+ Agrees to Extend Production Cuts in Bid to Boost Oil Prices - WSJ](https://feedsoft.ai/events/29930-exclusive-opec-agrees-to-extend-production-cuts-in-bid-to-boost-oil-prices-wsj.md) | -2.0% | +7.9% |
| BRENT | 2019-12-06 | [OPEC: Saudi Arabia and Russia impose deeper oil production cuts](https://feedsoft.ai/events/55491-opec-saudi-arabia-and-russia-impose-deeper-oil-production-cuts.md) | +1.4% | +7.8% |
| BRENT | 2022-10-04 | [OPEC+ agrees deep oil production cuts, Biden calls it shortsighted \| Reuters](https://feedsoft.ai/events/39055-opec-agrees-deep-oil-production-cuts-biden-calls-it-shortsighted-reuters.md) | +7.7% | +4.8% |

## Sources

- cnbc.com: https://www.cnbc.com/2022/10/05/oil-opec-imposes-deep-production-cuts-in-a-bid-to-shore-up-prices.html

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