# OPEC, Allies Finalize Deal to Extend Oil-Output Cuts

> OPEC and its allies finalized an extension of record oil-production curbs through July. Iraq and Nigeria agreed to slightly deeper cuts to offset their earlier overproduction.

- Date: 2020-06-06 · published 2020-06-06T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The extension and added compensation cuts tighten supply further, supporting crude prices. Stronger crude supports diesel and fertilizer costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.5% | +4.7% |
| WTI | 2016-11-30 | [Oil up more than 8 percent as OPEC finalizes output cut deal](https://feedsoft.ai/events/8571-oil-up-more-than-8-percent-as-opec-finalizes-output-cut-deal.md) | +12.5% | +19.3% |
| WTI | 2019-07-02 | [OPEC, Russia Agree To Extend Oil Output Cuts Into 2020](https://feedsoft.ai/events/58009-opec-russia-agree-to-extend-oil-output-cuts-into-2020.md) | -2.2% | -1.6% |
| 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 | 2019-02-07 | [MEED \| Opec+ agrees to extend oil output cuts till March 2020](https://feedsoft.ai/events/60521-meed-opec-agrees-to-extend-oil-output-cuts-till-march-2020.md) | -0.2% | +4.2% |
| BRENT | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.7% | +7.4% |
| BRENT | 2016-11-30 | [Oil up more than 8 percent as OPEC finalizes output cut deal](https://feedsoft.ai/events/8571-oil-up-more-than-8-percent-as-opec-finalizes-output-cut-deal.md) | +16.7% | +22.1% |
| BRENT | 2019-07-02 | [OPEC, Russia Agree To Extend Oil Output Cuts Into 2020](https://feedsoft.ai/events/58009-opec-russia-agree-to-extend-oil-output-cuts-into-2020.md) | -0.9% | -3.2% |

## Sources

- wsj.com: https://www.wsj.com/articles/opec-finalizes-deal-to-extend-oil-output-cuts-11591456992

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