# OPEC recommends 1.5 million bpd additional output cut

> OPEC member states recommended an additional 1.5 million bpd cut in total OPEC and non-OPEC output, to run until June 30, 2020. OPEC also cut its 2020 global oil demand growth forecast to 0.48 million bpd from 1.1 million bpd.

- Date: 2020-03-05 · published 2020-03-05T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/54056-opec-recommends-1-5-million-bpd-additional-output-cut
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The recommended cut aims to counter a supply glut created by weaker demand, supporting crude prices if members comply. The lower demand forecast signals that the market remains under pressure.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2016-11-30 | [Saudis to cut oil output by 0.5 million bpd in OPEC deal: source](https://feedsoft.ai/events/73785-saudis-to-cut-oil-output-by-0-5-million-bpd-in-opec-deal-source.md) | +16.7% | +22.1% |
| BRENT | 2023-11-30 | [Oil prices swing as OPEC+ agrees on additional output cuts](https://feedsoft.ai/events/33335-oil-prices-swing-as-opec-agrees-on-additional-output-cuts.md) | -10.5% | -5.2% |
| BRENT | 2023-09-05 | [Arab News \| Saudi Arabia extends 1 million bpd oil output cut through December](https://feedsoft.ai/events/34024-arab-news-saudi-arabia-extends-1-million-bpd-oil-output-cut-through-december.md) | +2.0% | +1.7% |
| BRENT | 2023-11-30 | [Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy](https://feedsoft.ai/events/33084-riyadh-to-extend-1-million-barrel-per-day-cut-as-opec-holds-policy.md) | -10.5% | -5.2% |
| BRENT | 2020-02-11 | [OPEC+ agrees additional crude oil production cut, up to 1.7 mb/d \| Enerdata](https://feedsoft.ai/events/54526-opec-agrees-additional-crude-oil-production-cut-up-to-1-7-mb-d-enerdata.md) | +8.0% | -34.7% |
| WTI | 2016-11-30 | [Saudis to cut oil output by 0.5 million bpd in OPEC deal: source](https://feedsoft.ai/events/73785-saudis-to-cut-oil-output-by-0-5-million-bpd-in-opec-deal-source.md) | +12.5% | +19.3% |
| WTI | 2023-11-30 | [Oil prices swing as OPEC+ agrees on additional output cuts](https://feedsoft.ai/events/33335-oil-prices-swing-as-opec-agrees-on-additional-output-cuts.md) | -11.0% | -7.4% |
| WTI | 2023-09-05 | [Arab News \| Saudi Arabia extends 1 million bpd oil output cut through December](https://feedsoft.ai/events/34024-arab-news-saudi-arabia-extends-1-million-bpd-oil-output-cut-through-december.md) | +2.1% | +3.8% |

## Sources

- haberintelifi.aa.com.tr: https://haberintelifi.aa.com.tr/en/economy/opec-recommends-15-million-bpd-additional-output-cut/1755955

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