# OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times

> OPEC+ agreed to cut oil production in what is described as the biggest reduction by the group and its allies. Several members are already pumping below quota, so they would meet the new limits without actually cutting output.

- Date: 2022-10-05 · published 2022-10-05T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/39061-opec-agrees-to-cut-oil-production-to-boost-sliding-prices-los-angeles-times
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Many members already produce below quota, so the real supply reduction is smaller than the headline cut. The price support from the decision is therefore likely to be partial.

## 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 | 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 | 2023-06-05 | [Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times](https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times.md) | -2.2% | -2.8% |
| WTI | 2018-12-07 | [Oil Prices Jump After OPEC Agrees To Bigger-Than-Expected Production Cut : NPR](https://feedsoft.ai/events/10628-oil-prices-jump-after-opec-agrees-to-bigger-than-expected-production-cut-npr.md) | +2.2% | -6.2% |
| 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 | 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

- latimes.com: https://www.latimes.com/business/story/2022-10-05/opec-cuts-oil-output-target-2-million-barrels-per-day

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