# OPEC+ cuts oil production quotas by 100,000 b/d despite tight market

> OPEC+ cut its oil production quotas by 100,000 barrels per day for October, reverting to August 2022 levels. The group made the decision despite what appears to be a tight physical market, aiming to put a floor under slumping prices. The next meeting is scheduled for October 5, though the group can reconvene at any time.

- Date: 2022-09-05 · published 2022-09-05T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/39512-opec-cuts-oil-production-quotas-by-100-000-b-d-despite-tight-market
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Quota cuts reduce expected crude supply, supporting oil prices and the diesel and fertilizer costs that feed into grain and oilseed production.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-06-30 | [Despite Iran Sanctions, Gulf Tensions OPEC+ Agree To Extend Oil Production Cuts](https://feedsoft.ai/events/58529-despite-iran-sanctions-gulf-tensions-opec-agree-to-extend-oil-production-cuts.md) | -4.2% | -6.1% |
| BRENT | 2016-11-30 | [Oil Up 7 Percent as Market Awaits Details of First OPEC Production Cut in Eight Years](https://feedsoft.ai/events/74004-oil-up-7-percent-as-market-awaits-details-of-first-opec-production-cut-in-eight.md) | +16.7% | +22.1% |
| BRENT | 2024-02-05 | [OPEC+ to decide on extending oil production cuts into Q2 2024 in March](https://feedsoft.ai/events/31564-opec-to-decide-on-extending-oil-production-cuts-into-q2-2024-in-march.md) | +5.7% | +7.3% |
| BRENT | 2022-10-05 | [OPEC announces big cut in oil production despite US pressure \| CNN Business](https://feedsoft.ai/events/39058-opec-announces-big-cut-in-oil-production-despite-us-pressure-cnn-business.md) | +2.1% | +2.3% |
| BRENT | 2022-09-05 | [Oil: OPEC+ surprises energy markets with a small production cut](https://feedsoft.ai/events/39517-oil-opec-surprises-energy-markets-with-a-small-production-cut.md) | -0.9% | -5.0% |
| WTI | 2019-06-30 | [Despite Iran Sanctions, Gulf Tensions OPEC+ Agree To Extend Oil Production Cuts](https://feedsoft.ai/events/58529-despite-iran-sanctions-gulf-tensions-opec-agree-to-extend-oil-production-cuts.md) | -1.4% | -2.5% |
| WTI | 2016-11-30 | [Oil Up 7 Percent as Market Awaits Details of First OPEC Production Cut in Eight Years](https://feedsoft.ai/events/74004-oil-up-7-percent-as-market-awaits-details-of-first-opec-production-cut-in-eight.md) | +12.5% | +19.3% |
| WTI | 2024-02-05 | [OPEC+ to decide on extending oil production cuts into Q2 2024 in March](https://feedsoft.ai/events/31564-opec-to-decide-on-extending-oil-production-cuts-into-q2-2024-in-march.md) | +6.3% | +9.4% |

## Sources

- spglobal.com: https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/090522-opec-cuts-oil-production-quotas-by-100000-bd-despite-tight-market

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