# OPEC, allied nations extend nearly 10M barrel cut by a month | AP News

> OPEC and allied nations, led by Russia, agreed by video conference to extend a production cut of nearly 10 million barrels a day through the end of July. The deal aims to stabilize energy markets hit by the coronavirus-driven economic crisis.

- Date: 2020-06-06 · published 2020-06-06T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52504-opec-allied-nations-extend-nearly-10m-barrel-cut-by-a-month-ap-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Continued record output restraint tightens crude supply and supports oil prices. Higher crude lifts energy input costs and can support biofuel-linked demand for vegetable oils and corn.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-07-01 | [OPEC agrees to extend current production cuts by 9 months](https://feedsoft.ai/events/58006-opec-agrees-to-extend-current-production-cuts-by-9-months.md) | -1.4% | -2.5% |
| WTI | 2023-11-30 | [Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy](https://feedsoft.ai/events/33084-riyadh-to-extend-1-million-barrel-per-day-cut-as-opec-holds-policy.md) | -11.0% | -7.4% |
| WTI | 2019-07-02 | [Opec agrees to extend cuts for nine months amid demand concerns \| The National](https://feedsoft.ai/events/58008-opec-agrees-to-extend-cuts-for-nine-months-amid-demand-concerns-the-national.md) | -2.2% | -1.6% |
| WTI | 2017-05-25 | [The Latest: OPEC, other nations extend output cut to March \| BOE Report](https://feedsoft.ai/events/70931-the-latest-opec-other-nations-extend-output-cut-to-march-boe-report.md) | -5.4% | -16.7% |
| WTI | 2020-07-01 | [Opec and allies extend oil production cuts to end of July](https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july.md) | +4.2% | +4.9% |
| BRENT | 2019-07-01 | [OPEC agrees to extend current production cuts by 9 months](https://feedsoft.ai/events/58006-opec-agrees-to-extend-current-production-cuts-by-9-months.md) | -4.2% | -6.1% |
| BRENT | 2023-11-30 | [Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy](https://feedsoft.ai/events/33084-riyadh-to-extend-1-million-barrel-per-day-cut-as-opec-holds-policy.md) | -10.5% | -5.2% |
| BRENT | 2019-07-02 | [Opec agrees to extend cuts for nine months amid demand concerns \| The National](https://feedsoft.ai/events/58008-opec-agrees-to-extend-cuts-for-nine-months-amid-demand-concerns-the-national.md) | -0.9% | -3.2% |

## Sources

- apnews.com: https://apnews.com/article/f35c45335b711da7ef360939b2e6d74b
- foxbusiness.com: https://www.foxbusiness.com/markets/oil-prices-top-40-opec-extends-production-cuts

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