# OPEC+ agrees 9.7 mb/d crude oil production cut in May-June 2020 | Enerdata

> OPEC+ agreed to cut crude output by 9.7 mb/d over May and June 2020, with cuts relaxed to 7.7 mb/d from July. The baseline is October 2018 production, with Saudi Arabia and Russia at 11 mb/d, and the US has not committed to cuts.

- Date: 2020-04-14 · published 2020-04-14T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/53546-opec-agrees-9-7-mb-d-crude-oil-production-cut-in-may-june-2020-enerdata
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Detailed cut schedule confirms a multi-year supply reduction that supports crude prices and energy costs feeding into biofuel and transport margins.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-02-01 | [Oil prices stabilise as Russia joins OPEC in production cut - Offshore Energy](https://feedsoft.ai/events/72669-oil-prices-stabilise-as-russia-joins-opec-in-production-cut-offshore-energy.md) | -1.9% | -1.8% |
| BRENT | 2020-11-30 | [Opec agrees to extend existing oil production cuts: Abdelmadjid Attar](https://feedsoft.ai/events/50059-opec-agrees-to-extend-existing-oil-production-cuts-abdelmadjid-attar.md) | +3.5% | +7.0% |
| BRENT | 2020-06-06 | [OPEC and allies agree to extend record production cut](https://feedsoft.ai/events/52790-opec-and-allies-agree-to-extend-record-production-cut.md) | -7.2% | +3.3% |
| BRENT | 2018-05-11 | [Iranian Oil Squeeze Could Upset OPEC Agreement on Production Cuts](https://feedsoft.ai/events/65182-iranian-oil-squeeze-could-upset-opec-agreement-on-production-cuts.md) | +2.8% | -2.3% |
| BRENT | 2018-11-07 | [Return to oil production cuts in 2019 cannot be ruled out - OPEC sources](https://feedsoft.ai/events/61945-return-to-oil-production-cuts-in-2019-cannot-be-ruled-out-opec-sources.md) | -8.3% | -13.6% |
| WTI | 2017-02-01 | [Oil prices stabilise as Russia joins OPEC in production cut - Offshore Energy](https://feedsoft.ai/events/72669-oil-prices-stabilise-as-russia-joins-opec-in-production-cut-offshore-energy.md) | -1.1% | +2.0% |
| WTI | 2020-11-30 | [Opec agrees to extend existing oil production cuts: Abdelmadjid Attar](https://feedsoft.ai/events/50059-opec-agrees-to-extend-existing-oil-production-cuts-abdelmadjid-attar.md) | +1.5% | +4.3% |
| WTI | 2020-06-06 | [OPEC and allies agree to extend record production cut](https://feedsoft.ai/events/52790-opec-and-allies-agree-to-extend-record-production-cut.md) | -8.3% | +2.6% |

## Sources

- enerdata.net: https://www.enerdata.net/publications/daily-energy-news/opec-agrees-97-mbd-crude-oil-production-cut-may-june-2020.html

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