# Oil slides as OPEC+ delays decision on output cuts

> Oil prices fell after OPEC+ delayed its decision on easing output cuts. The group had been expected to ease cuts of 7.7 million bpd by 2 million bpd from January, but was considering extending existing curbs into early 2021, backed by Saudi Arabia.

- Date: 2020-12-01 · published 2020-12-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/49561-oil-slides-as-opec-delays-decision-on-output-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Delay raises the prospect of tighter supply, which would normally support prices, but the immediate reaction was a sell-off on uncertainty about policy. Energy price swings feed through to freight, fertilizer and biofuel-linked demand for feed inputs.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2021-04-01 | [OPEC+ decides to gradually curb output cuts as demand concerns persist](https://feedsoft.ai/events/47509-opec-decides-to-gradually-curb-output-cuts-as-demand-concerns-persist.md) | +0.7% | +9.8% |
| WTI | 2019-05-28 | [OPEC+ Calls Time on Output Cuts — CEESA](https://feedsoft.ai/events/59243-opec-calls-time-on-output-cuts-ceesa.md) | -8.9% | -1.2% |
| WTI | 2017-06-27 | [OPEC in no rush on deeper oil output cut, to look at in July](https://feedsoft.ai/events/70392-opec-in-no-rush-on-deeper-oil-output-cut-to-look-at-in-july.md) | +7.1% | +10.4% |
| WTI | 2022-07-01 | [Opec+ stays the course on oil output boost - Business - DAWN.COM](https://feedsoft.ai/events/40402-opec-stays-the-course-on-oil-output-boost-business-dawn-com.md) | -0.9% | -6.2% |
| WTI | 2021-12-01 | [OPEC+ weighs output policy amid oil price slide, Omicron fears](https://feedsoft.ai/events/6303-opec-weighs-output-policy-amid-oil-price-slide-omicron-fears.md) | +8.8% | +15.8% |
| BRENT | 2021-04-01 | [OPEC+ decides to gradually curb output cuts as demand concerns persist](https://feedsoft.ai/events/47509-opec-decides-to-gradually-curb-output-cuts-as-demand-concerns-persist.md) | -1.4% | +7.7% |
| BRENT | 2019-05-28 | [OPEC+ Calls Time on Output Cuts — CEESA](https://feedsoft.ai/events/59243-opec-calls-time-on-output-cuts-ceesa.md) | -9.0% | -4.9% |
| BRENT | 2017-06-27 | [OPEC in no rush on deeper oil output cut, to look at in July](https://feedsoft.ai/events/70392-opec-in-no-rush-on-deeper-oil-output-cut-to-look-at-in-july.md) | +9.9% | +7.2% |

## Sources

- arabnews.com: https://www.arabnews.com/business/oil-prices-rise-as-market-awaits-deal-output-deal-1771756
- cnbc.com: https://www.cnbc.com/2020/12/01/oil-markets-opec-coronavirus.html
- reuters.com: https://www.reuters.com/article/us-global-oil/oil-prices-steady-as-opec-and-allies-seek-consensus-on-output-idUSKBN28B3GP/

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