# OPEC+ Heads to Crucial Talks Seeking Compromise on Oil Cuts - Bloomberg

> OPEC and its allies entered a two-day ministerial meeting still seeking a compromise on whether to delay a scheduled January production increase. Some members worry fragile markets cannot absorb extra barrels after Libya's output surge, while others want to sell more crude.

- Date: 2020-11-29 · published 2020-11-29T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/50058-opec-heads-to-crucial-talks-seeking-compromise-on-oil-cuts-bloomberg
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A delay keeps roughly 2 million bpd of supply off the market, supporting crude prices; a rollover failure would add barrels and pressure oil. Oil moves feed into biofuel economics and feed-ingredient costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-11-01 | [Oil Climbs With Russia in Talks on Delaying OPEC+ Output Hike - Bloomberg](https://feedsoft.ai/events/50319-oil-climbs-with-russia-in-talks-on-delaying-opec-output-hike-bloomberg.md) | +5.1% | +28.8% |
| BRENT | 2018-11-30 | [OPEC Advisory Committee Said to Recommend Oil Production Cut - Bloomberg](https://feedsoft.ai/events/61942-opec-advisory-committee-said-to-recommend-oil-production-cut-bloomberg.md) | +0.1% | -12.8% |
| BRENT | 2020-04-12 | [Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg](https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg.md) | -6.7% | +8.6% |
| BRENT | 2016-12-01 | [OPEC Focuses on Shrinking Stockpiles to Pave the Way for $60 Oil - Bloomberg](https://feedsoft.ai/events/73631-opec-focuses-on-shrinking-stockpiles-to-pave-the-way-for-60-oil-bloomberg.md) | +6.6% | +12.9% |
| BRENT | 2020-05-16 | [OPEC+ Supply Cuts: Latest Oil Market News on Output Status - Bloomberg](https://feedsoft.ai/events/53027-opec-supply-cuts-latest-oil-market-news-on-output-status-bloomberg.md) | +8.6% | +24.8% |
| WTI | 2020-11-01 | [Oil Climbs With Russia in Talks on Delaying OPEC+ Output Hike - Bloomberg](https://feedsoft.ai/events/50319-oil-climbs-with-russia-in-talks-on-delaying-opec-output-hike-bloomberg.md) | +3.7% | +26.8% |
| WTI | 2018-11-30 | [OPEC Advisory Committee Said to Recommend Oil Production Cut - Bloomberg](https://feedsoft.ai/events/61942-opec-advisory-committee-said-to-recommend-oil-production-cut-bloomberg.md) | +0.1% | -12.1% |
| WTI | 2020-04-12 | [Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg](https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg.md) | -19.9% | +5.3% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2020-11-29/opec-fails-to-agree-on-delaying-output-hike-before-big-meeting

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