# OPEC+ extends most oil output cuts into April, Saudi keeps voluntary curb

> OPEC and its allies agreed to extend most of their oil output cuts into April, with small exemptions allowing Russia and Kazakhstan to raise output. Saudi Arabia said it would extend its 1 million bpd voluntary cut and decide later when to phase it out.

- Date: 2021-03-04 · published 2021-03-04T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/48039-opec-extends-most-oil-output-cuts-into-april-saudi-keeps-voluntary-curb
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Continued withholding of about 7 million bpd keeps crude supply tight, which supports oil prices and raises costs for fuel, freight and fertilizer that feed producers pay.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-04-01 | [Saudi Arabia to Extend Deep Oil Output Cuts Into April](https://feedsoft.ai/events/60021-saudi-arabia-to-extend-deep-oil-output-cuts-into-april.md) | +4.9% | +5.4% |
| WTI | 2023-08-04 | [OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut](https://feedsoft.ai/events/34492-opec-sticks-to-oil-output-policy-as-saudi-extends-voluntary-production-cut.md) | +1.5% | +2.5% |
| WTI | 2025-01-01 | [OPEC+ delays oil output hike until April, extends cuts into 2026](https://feedsoft.ai/events/26869-opec-delays-oil-output-hike-until-april-extends-cuts-into-2026.md) | +2.2% | +1.1% |
| WTI | 2023-06-04 | [Opec+ members agree to extend voluntary oil output cuts until end of 2024 \| The National](https://feedsoft.ai/events/35397-opec-members-agree-to-extend-voluntary-oil-output-cuts-until-end-of-2024-the.md) | -2.2% | -2.8% |
| WTI | 2019-07-02 | [OPEC, Russia Agree To Extend Oil Output Cuts Into 2020](https://feedsoft.ai/events/58009-opec-russia-agree-to-extend-oil-output-cuts-into-2020.md) | -2.2% | -1.6% |
| BRENT | 2019-04-01 | [Saudi Arabia to Extend Deep Oil Output Cuts Into April](https://feedsoft.ai/events/60021-saudi-arabia-to-extend-deep-oil-output-cuts-into-april.md) | +2.9% | +5.1% |
| BRENT | 2023-08-04 | [OPEC+ Sticks To Oil Output Policy As Saudi Extends Voluntary Production Cut](https://feedsoft.ai/events/34492-opec-sticks-to-oil-output-policy-as-saudi-extends-voluntary-production-cut.md) | +1.5% | +1.6% |
| BRENT | 2025-01-01 | [OPEC+ delays oil output hike until April, extends cuts into 2026](https://feedsoft.ai/events/26869-opec-delays-oil-output-hike-until-april-extends-cuts-into-2026.md) | +2.9% | +2.9% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/opec-extends-most-oil-output-cuts-into-april-saudi-keeps-voluntary-curb-2021-03-04/
- worldoil.com: https://www.worldoil.com/news/2021/3/5/oil-prices-vault-towards-70-as-the-opec-fueled-crude-rally-continues

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