# Opec agrees to extend existing oil production cuts: Abdelmadjid Attar

> OPEC members agreed on the need to extend existing production cuts of 7.7 million bpd for three months into the end of March 2021, according to Algeria's energy minister. They will now seek support from wider OPEC+ allies.

- Date: 2020-11-30 · published 2020-11-30T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/50059-opec-agrees-to-extend-existing-oil-production-cuts-abdelmadjid-attar
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Extending cuts removes the planned 2 million bpd increase, tightening supply and supporting crude prices, which tends to lift vegetable oil and biofuel-linked values.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-06-06 | [OPEC and allies agree to extend record production cut](https://feedsoft.ai/events/52790-opec-and-allies-agree-to-extend-record-production-cut.md) | -7.2% | +3.3% |
| BRENT | 2020-06-08 | [Oil prices top $40 as OPEC+ extends production cuts \| Fox Business](https://feedsoft.ai/events/52796-oil-prices-top-40-as-opec-extends-production-cuts-fox-business.md) | -7.2% | +3.3% |
| BRENT | 2018-12-07 | [OPEC and Russia agree to slash oil production \| CNN Business](https://feedsoft.ai/events/61456-opec-and-russia-agree-to-slash-oil-production-cnn-business.md) | +2.2% | -2.9% |
| BRENT | 2018-05-11 | [Iranian Oil Squeeze Could Upset OPEC Agreement on Production Cuts](https://feedsoft.ai/events/65182-iranian-oil-squeeze-could-upset-opec-agreement-on-production-cuts.md) | +2.8% | -2.3% |
| BRENT | 2020-04-14 | [OPEC+ agrees 9.7 mb/d crude oil production cut in May-June 2020 \| Enerdata](https://feedsoft.ai/events/53546-opec-agrees-9-7-mb-d-crude-oil-production-cut-in-may-june-2020-enerdata.md) | -16.9% | +8.5% |
| WTI | 2020-06-06 | [OPEC and allies agree to extend record production cut](https://feedsoft.ai/events/52790-opec-and-allies-agree-to-extend-record-production-cut.md) | -8.3% | +2.6% |
| WTI | 2020-06-08 | [Oil prices top $40 as OPEC+ extends production cuts \| Fox Business](https://feedsoft.ai/events/52796-oil-prices-top-40-as-opec-extends-production-cuts-fox-business.md) | -8.3% | +2.6% |
| WTI | 2018-12-07 | [OPEC and Russia agree to slash oil production \| CNN Business](https://feedsoft.ai/events/61456-opec-and-russia-agree-to-slash-oil-production-cnn-business.md) | +2.2% | -6.2% |

## Sources

- telegraphindia.com: https://www.telegraphindia.com/business/opec-members-agree-to-extend-existing-oil-production-cuts-for-three-months/cid/1799137

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