# African Energy Chamber  / Press release | The 10th OPEC/Non-OPEC Declaration of Cooperation Ministerial Meeting to conclude the curtailment of crude oil production by 9.7 million barrels

> The African Energy Chamber said Nigeria joined OPEC+ in the 9.7 million barrel curtailment after Mexico agreed to a 100,000 bpd cut, with additional US producer cuts of 300,000 bpd. It expects oil prices to rebound by about $15 per barrel in the short term.

- Date: 2020-04-13 · published 2020-04-13T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/53547-african-energy-chamber-press-release-the-10th-opec-non-opec-declaration-of
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The US-backed Mexican alignment closes a key gap in the cut, supporting the crude price rebound that underpins energy costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2022-03-04 | [Crude oil prices rise above $100 per barrel after Russia’s further invasion into Ukraine -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/9458-crude-oil-prices-rise-above-100-per-barrel-after-russia-s-further-invasion-into.md) | -0.9% | -4.7% |
| BRENT | 2020-04-12 | [Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg](https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg.md) | -6.7% | +8.6% |
| BRENT | 2020-04-14 | [OPEC+ agrees 9.7 mb/d crude oil production cut in May-June 2020 \| Enerdata](https://feedsoft.ai/events/53546-opec-agrees-9-7-mb-d-crude-oil-production-cut-in-may-june-2020-enerdata.md) | -16.9% | +8.5% |
| BRENT | 2020-04-09 | [OPEC and allies agree to historic 10 million barrel per day oil cut](https://feedsoft.ai/events/53545-opec-and-allies-agree-to-historic-10-million-barrel-per-day-oil-cut.md) | -20.8% | -7.2% |
| BRENT | 2020-11-30 | [OPEC Meets To Decide Whether Cuts In Oil Production Are Still Needed : NPR](https://feedsoft.ai/events/50061-opec-meets-to-decide-whether-cuts-in-oil-production-are-still-needed-npr.md) | +3.5% | +7.0% |
| WTI | 2022-03-04 | [Crude oil prices rise above $100 per barrel after Russia’s further invasion into Ukraine -
		U.S. Energy Information Administration (EIA)](https://feedsoft.ai/events/9458-crude-oil-prices-rise-above-100-per-barrel-after-russia-s-further-invasion-into.md) | -1.6% | -6.7% |
| WTI | 2020-04-12 | [Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg](https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg.md) | -19.9% | +5.3% |
| WTI | 2020-04-14 | [OPEC+ agrees 9.7 mb/d crude oil production cut in May-June 2020 \| Enerdata](https://feedsoft.ai/events/53546-opec-agrees-9-7-mb-d-crude-oil-production-cut-in-may-june-2020-enerdata.md) | -58.6% | +15.1% |

## Sources

- africanenergychamber.africa-newsroom.com: https://africanenergychamber.africa-newsroom.com/press/the-10th-opecnonopec-declaration-of-cooperation-ministerial-meeting-to-conclude-the-curtailment-of-crude-oil-production-by-97-million-barrels8765342?lang=en

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