# OAPEC Sec Gen says OPEC+ decision to cut oil production 'correct' | Reuters

> The head of the Organization of Arab Petroleum Exporting Countries said the OPEC+ decision to cut its output target by 2 million bpd was correct and well timed. He cited uncertainty over the global economy and noted that fuel inventories in major economies are low.

- Date: 2022-10-15 · published 2022-10-15T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/39062-oapec-sec-gen-says-opec-decision-to-cut-oil-production-correct-reuters
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Public support from OPEC members signals that the group is likely to hold to its cut, which supports crude prices. Low inventories add to the case for firmer fuel prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +12.5% | +19.3% |
| 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 | 2024-05-30 | [OPEC+ working on complex production cut deal for 2024-2025, sources say \| Reuters](https://feedsoft.ai/events/30158-opec-working-on-complex-production-cut-deal-for-2024-2025-sources-say-reuters.md) | -6.5% | +3.4% |
| WTI | 2025-03-20 | [OPEC+ issues new plan for oil cuts to compensate for overproduction \| Reuters](https://feedsoft.ai/events/25490-opec-issues-new-plan-for-oil-cuts-to-compensate-for-overproduction-reuters.md) | +3.9% | -6.8% |
| 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% |
| BRENT | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +16.7% | +22.1% |
| 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% |
| BRENT | 2024-05-30 | [OPEC+ working on complex production cut deal for 2024-2025, sources say \| Reuters](https://feedsoft.ai/events/30158-opec-working-on-complex-production-cut-deal-for-2024-2025-sources-say-reuters.md) | -6.8% | +3.6% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oapec-sec-gen-says-opec-decision-cut-oil-production-correct-2022-10-15/

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