# OPEC+ Meetings Consider Further Action To Support Oil Market

> OPEC+ began meetings on November 16 to consider further steps to support oil markets in 2021, as a second COVID wave hit demand. Options include maintaining the 7.7 million bpd cuts for three to six months rather than easing to 5.7 million bpd in January.

- Date: 2020-11-16 · published 2020-11-16T12:00:00.000Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/50069-opec-meetings-consider-further-action-to-support-oil-market
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Favoured option of extending cuts would keep supply tight and support crude prices, a factor for energy and freight costs in feed markets.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-10-19 | [OPEC Pledges Action To Support Weak Oil Demand](https://feedsoft.ai/events/50552-opec-pledges-action-to-support-weak-oil-demand.md) | -2.1% | +0.0% |
| BRENT | 2022-07-29 | [OPEC+ meeting on Aug. 3: Oil prices rise on tight supply \| Stock Market News](https://feedsoft.ai/events/40663-opec-meeting-on-aug-3-oil-prices-rise-on-tight-supply-stock-market-news.md) | -11.4% | -8.6% |
| BRENT | 2020-11-30 | [OPEC Meets To Decide Whether Cuts In Oil Production Are Still Needed : NPR](https://feedsoft.ai/events/50061-opec-meets-to-decide-whether-cuts-in-oil-production-are-still-needed-npr.md) | +3.5% | +7.0% |
| BRENT | 2018-11-07 | [OPEC Considers 2019 Oil Production Cuts in Yet Another U-Turn - Bloomberg](https://feedsoft.ai/events/61949-opec-considers-2019-oil-production-cuts-in-yet-another-u-turn-bloomberg.md) | -8.3% | -13.6% |
| BRENT | 2019-03-01 | [Oil prices rise as markets tighten due to OPEC supply cuts](https://feedsoft.ai/events/60286-oil-prices-rise-as-markets-tighten-due-to-opec-supply-cuts.md) | +0.0% | +2.2% |
| WTI | 2020-10-19 | [OPEC Pledges Action To Support Weak Oil Demand](https://feedsoft.ai/events/50552-opec-pledges-action-to-support-weak-oil-demand.md) | -2.4% | -1.9% |
| WTI | 2022-07-29 | [OPEC+ meeting on Aug. 3: Oil prices rise on tight supply \| Stock Market News](https://feedsoft.ai/events/40663-opec-meeting-on-aug-3-oil-prices-rise-on-tight-supply-stock-market-news.md) | -8.0% | -5.2% |
| WTI | 2020-11-30 | [OPEC Meets To Decide Whether Cuts In Oil Production Are Still Needed : NPR](https://feedsoft.ai/events/50061-opec-meets-to-decide-whether-cuts-in-oil-production-are-still-needed-npr.md) | +1.5% | +4.3% |

## Sources

- forbesmiddleeast.com: https://www.forbesmiddleeast.com/industry/energy/opec-deliberates-on-more-steps-as-covid-19-resurgence-hits-oil-market-recovery

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