# OPEC announces big cut in oil production despite US pressure | CNN Business

> OPEC+, led by Saudi Arabia and Russia, announced a production cut after its first in-person meeting since March 2020. The reduction equals about 2% of global oil demand and was made despite US objections.

- Date: 2022-10-05 · published 2022-10-05T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/39058-opec-announces-big-cut-in-oil-production-despite-us-pressure-cnn-business
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A cut of about 2% of global demand is large enough to move crude prices and energy-linked input costs. Buyers should expect firmer energy prices in the near term.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-04-02 | [Oil prices: Brent crude, WTI surge after OPEC producers announce production cuts \| CNN Business](https://feedsoft.ai/events/7953-oil-prices-brent-crude-wti-surge-after-opec-producers-announce-production-cuts.md) | +5.4% | -0.0% |
| 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% |
| WTI | 2021-03-04 | [Oil prices surge as OPEC and its allies extend production cuts \| CNN Business](https://feedsoft.ai/events/48045-oil-prices-surge-as-opec-and-its-allies-extend-production-cuts-cnn-business.md) | +5.1% | -3.5% |
| WTI | 2020-06-06 | [OPEC and its allies reach deal to cut oil production through July \| CNN Business](https://feedsoft.ai/events/52512-opec-and-its-allies-reach-deal-to-cut-oil-production-through-july-cnn-business.md) | -8.3% | +2.6% |
| WTI | 2022-10-05 | [Oil: OPEC+ imposes deep production cuts in a bid to shore up prices](https://feedsoft.ai/events/39057-oil-opec-imposes-deep-production-cuts-in-a-bid-to-shore-up-prices.md) | +3.3% | +1.9% |
| BRENT | 2023-04-02 | [Oil prices: Brent crude, WTI surge after OPEC producers announce production cuts \| CNN Business](https://feedsoft.ai/events/7953-oil-prices-brent-crude-wti-surge-after-opec-producers-announce-production-cuts.md) | +7.4% | +1.0% |
| BRENT | 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) | -2.0% | +7.9% |
| BRENT | 2021-03-04 | [Oil prices surge as OPEC and its allies extend production cuts \| CNN Business](https://feedsoft.ai/events/48045-oil-prices-surge-as-opec-and-its-allies-extend-production-cuts-cnn-business.md) | +5.2% | -1.3% |

## Sources

- cnn.com: https://www.cnn.com/2022/10/05/energy/opec-production-cuts

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