# OPEC Pledges Action To Support Weak Oil Demand

> OPEC and allies pledged action to support the oil market, and sources said the planned January output increase could be reversed. OPEC+ is currently cutting 7.7 million bpd and is scheduled to ease by 2 million bpd in January.

- Date: 2020-10-19 · published 2020-10-19T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/50552-opec-pledges-action-to-support-weak-oil-demand
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A commitment to support prices and possible reversal of the output increase is supportive for crude prices amid weak demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-11-16 | [OPEC+ Meetings Consider Further Action To Support Oil Market](https://feedsoft.ai/events/50069-opec-meetings-consider-further-action-to-support-oil-market.md) | +5.3% | +18.6% |
| BRENT | 2022-08-29 | [Oil prices climb on OPEC supply cut prospect, rise in demand](https://feedsoft.ai/events/40197-oil-prices-climb-on-opec-supply-cut-prospect-rise-in-demand.md) | -7.9% | -15.7% |
| BRENT | 2019-04-23 | [Oil surges amid OPEC caution to offset Iran sanctions](https://feedsoft.ai/events/9603-oil-surges-amid-opec-caution-to-offset-iran-sanctions.md) | -1.0% | +0.3% |
| BRENT | 2020-05-11 | [Saudi Arabia deepens oil cuts as weak demand weighs on prices](https://feedsoft.ai/events/53030-saudi-arabia-deepens-oil-cuts-as-weak-demand-weighs-on-prices.md) | +15.8% | +46.8% |
| BRENT | 2018-12-01 | [Oman Oil Minister: Majority of OPEC and its Allies Support Cut](https://feedsoft.ai/events/61943-oman-oil-minister-majority-of-opec-and-its-allies-support-cut.md) | +6.0% | -10.4% |
| WTI | 2020-11-16 | [OPEC+ Meetings Consider Further Action To Support Oil Market](https://feedsoft.ai/events/50069-opec-meetings-consider-further-action-to-support-oil-market.md) | +5.1% | +17.5% |
| WTI | 2022-08-29 | [Oil prices climb on OPEC supply cut prospect, rise in demand](https://feedsoft.ai/events/40197-oil-prices-climb-on-opec-supply-cut-prospect-rise-in-demand.md) | -6.7% | -17.6% |
| WTI | 2019-04-23 | [Oil surges amid OPEC caution to offset Iran sanctions](https://feedsoft.ai/events/9603-oil-surges-amid-opec-caution-to-offset-iran-sanctions.md) | -3.4% | -3.9% |

## Sources

- forbesmiddleeast.com: https://www.forbesmiddleeast.com/industry/energy/planned-increase-in-output-can-be-reversed-says-opec

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