# Opec and allies extend oil production cuts to end of July

> OPEC, Russia and allies agreed to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in two months. Nigeria and Iraq were required to compensate with extra cuts from July to September.

- Date: 2020-07-01 · published 2020-07-01T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Extended cuts keep roughly 10% of global supply off the market, supporting crude prices. Higher crude raises costs for energy, transport and fertilizer across feed markets.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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 | 2024-05-03 | [OPEC+ likely to extend production cuts in June](https://feedsoft.ai/events/30161-opec-likely-to-extend-production-cuts-in-june.md) | +0.4% | -3.0% |
| WTI | 2021-03-04 | [Oil prices surge as OPEC and its allies extend production cuts \| CNN Business](https://feedsoft.ai/events/48045-oil-prices-surge-as-opec-and-its-allies-extend-production-cuts-cnn-business.md) | +5.1% | -3.5% |
| 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% |
| WTI | 2020-06-06 | [OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times](https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times.md) | -8.3% | +2.6% |
| 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 | 2024-05-03 | [OPEC+ likely to extend production cuts in June](https://feedsoft.ai/events/30161-opec-likely-to-extend-production-cuts-in-june.md) | -0.8% | -4.4% |
| BRENT | 2021-03-04 | [Oil prices surge as OPEC and its allies extend production cuts \| CNN Business](https://feedsoft.ai/events/48045-oil-prices-surge-as-opec-and-its-allies-extend-production-cuts-cnn-business.md) | +5.2% | -1.3% |

## Sources

- theguardian.com: https://www.theguardian.com/business/2020/jun/07/opec-and-allies-extend-oil-production-cuts-to-end-of-july

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