# OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times

> OPEC and its partners led by Russia agreed by video conference to keep cutting about 9.7 million barrels a day, roughly 10 percent of global output in normal times, through July. The decision was announced in an OPEC news release.

- Date: 2020-06-06 · published 2020-06-06T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Extending the cut keeps global crude supply constrained while demand recovers, which supports prices. Firmer crude prices raise costs across the feed and fuel chain.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-11-30 | [Opec and Russia extend deal to cut oil production through 2018](https://feedsoft.ai/events/67410-opec-and-russia-extend-deal-to-cut-oil-production-through-2018.md) | -2.5% | +4.5% |
| WTI | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -6.2% |
| WTI | 2023-06-05 | [Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times](https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times.md) | -2.2% | -2.8% |
| 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% |
| WTI | 2023-09-05 | [Saudi Arabia, Russia extend oil production cuts to end of year](https://feedsoft.ai/events/34026-saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year.md) | +2.1% | +3.8% |
| BRENT | 2017-11-30 | [Opec and Russia extend deal to cut oil production through 2018](https://feedsoft.ai/events/67410-opec-and-russia-extend-deal-to-cut-oil-production-through-2018.md) | -2.7% | +5.3% |
| BRENT | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -2.9% |
| BRENT | 2023-06-05 | [Saudi Arabia Cuts Oil Production to Boost Prices - The New York Times](https://feedsoft.ai/events/35669-saudi-arabia-cuts-oil-production-to-boost-prices-the-new-york-times.md) | -1.7% | -1.8% |

## Sources

- nytimes.com: https://www.nytimes.com/2020/06/06/business/energy-environment/opec-russia-oil-coronavirus.html

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