# Successful OPEC+ output deal fits a pattern

> Saudi Arabia and its OPEC+ allies have engineered a prospective deficit in the oil market, lifting spot Brent prices by more than $15 a barrel since late April. The six-month Brent calendar spread has tightened from over $12 contango to under $3. Analysts say the producer group has repeatedly forced deficits when it chose to cut output.

- Date: 2020-05-19 · published 2020-05-19T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/53308-successful-opec-output-deal-fits-a-pattern
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Deep, compliant output cuts are tightening the market and narrowing contango, which supports crude prices and feeds through to diesel and energy costs for feed mills and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-08-27 | [Crude Oil Prices Shrug off Trade Jitters Amid Deeper OPEC Output Cuts](https://feedsoft.ai/events/57744-crude-oil-prices-shrug-off-trade-jitters-amid-deeper-opec-output-cuts.md) | +1.4% | +10.3% |
| BRENT | 2020-04-03 | [Oil surges more than 13% on hopes of output deal](https://feedsoft.ai/events/5487-oil-surges-more-than-13-on-hopes-of-output-deal.md) | +2.5% | -10.2% |
| BRENT | 2018-11-12 | [Oil prices climb as OPEC eyes output curbs](https://feedsoft.ai/events/62218-oil-prices-climb-as-opec-eyes-output-curbs.md) | -5.1% | -11.4% |
| BRENT | 2025-11-02 | [OPEC+ pauses oil output hikes beyond December amid glut fears \| Reuters](https://feedsoft.ai/events/21872-opec-pauses-oil-output-hikes-beyond-december-amid-glut-fears-reuters.md) | -2.4% | -2.5% |
| BRENT | 2020-10-27 | [Column: OPEC+ set for a three-month output rollover](https://feedsoft.ai/events/50546-column-opec-set-for-a-three-month-output-rollover.md) | -3.5% | +14.5% |
| WTI | 2019-08-27 | [Crude Oil Prices Shrug off Trade Jitters Amid Deeper OPEC Output Cuts](https://feedsoft.ai/events/57744-crude-oil-prices-shrug-off-trade-jitters-amid-deeper-opec-output-cuts.md) | +2.8% | +9.5% |
| WTI | 2020-04-03 | [Oil surges more than 13% on hopes of output deal](https://feedsoft.ai/events/5487-oil-surges-more-than-13-on-hopes-of-output-deal.md) | -9.4% | -19.0% |
| WTI | 2018-11-12 | [Oil prices climb as OPEC eyes output curbs](https://feedsoft.ai/events/62218-oil-prices-climb-as-opec-eyes-output-curbs.md) | -6.2% | -15.2% |

## Sources

- hydrocarbonprocessing.com: https://www.hydrocarbonprocessing.com/news/2020/05/successful-opecplus-output-deal-fits-a-pattern/

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