# OPEC+ extends output cuts through July and cracks down on cheats | OPEC | Al Jazeera

> OPEC+ agreed to extend output cuts through the end of July and to enforce quotas more strictly, with Nigeria and Iraq compensating with extra cuts from July to September. Oil prices have roughly doubled since April, when WTI briefly turned negative.

- Date: 2020-06-06 · published 2020-06-06T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52513-opec-extends-output-cuts-through-july-and-cracks-down-on-cheats-opec-al-jazeera
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Stricter enforcement of quotas makes the supply restraint more credible, supporting crude prices. That keeps energy and fertilizer input costs elevated for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -8.3% | +2.6% |
| 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 | 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 | 2017-12-01 | [World’s crude oil producers extend cuts on output through 2018](https://feedsoft.ai/events/67411-world-s-crude-oil-producers-extend-cuts-on-output-through-2018.md) | -1.5% | +5.3% |
| WTI | 2020-06-06 | [OPEC and its allies reach deal to cut oil production through July \| CNN Business](https://feedsoft.ai/events/52512-opec-and-its-allies-reach-deal-to-cut-oil-production-through-july-cnn-business.md) | -8.3% | +2.6% |
| BRENT | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -7.2% | +3.3% |
| BRENT | 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) | +4.3% | +4.3% |
| 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% |

## Sources

- aljazeera.com: https://www.aljazeera.com/economy/2020/6/6/opec-extends-output-cuts-through-july-and-cracks-down-on-cheats

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