# Opec+ technical committee recommends extending cuts until year-end | The National

> An OPEC+ joint technical committee recommended extending the production pact to the end of 2020, with a temporary deeper cut of 600,000 bpd through the second quarter. The committee cited coronavirus disruption to consumption and supply chains. The full ministerial review was due at the March 5-6 meeting.

- Date: 2020-02-09 · published 2020-02-09T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/54529-opec-technical-committee-recommends-extending-cuts-until-year-end-the-national
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A longer pact and deeper cuts would tighten crude supply through 2020, supporting energy costs and biofuel feedstock values that influence soybean oil and corn demand.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-06-04 | [Opec+ members agree to extend voluntary oil output cuts until end of 2024 \| The National](https://feedsoft.ai/events/35397-opec-members-agree-to-extend-voluntary-oil-output-cuts-until-end-of-2024-the.md) | -2.2% | -2.8% |
| WTI | 2024-03-04 | [Saudi Arabia and the UAE among Opec+ members extending oil output cuts \| The National](https://feedsoft.ai/events/31114-saudi-arabia-and-the-uae-among-opec-members-extending-oil-output-cuts-the.md) | -2.4% | +4.6% |
| WTI | 2020-02-16 | [Coronavirus: OPEC's JTC Recommends Extending Production Adjustments To End 2020 \| Energy News Africa](https://feedsoft.ai/events/54532-coronavirus-opec-s-jtc-recommends-extending-production-adjustments-to-end-2020.md) | -1.3% | -44.5% |
| WTI | 2019-07-02 | [Opec agrees to extend cuts for nine months amid demand concerns \| The National](https://feedsoft.ai/events/58008-opec-agrees-to-extend-cuts-for-nine-months-amid-demand-concerns-the-national.md) | -2.2% | -1.6% |
| WTI | 2017-12-01 | [Oil near 2½-year highs after OPEC extends output cuts](https://feedsoft.ai/events/67641-oil-near-21-2-year-highs-after-opec-extends-output-cuts.md) | -1.5% | +5.3% |
| BRENT | 2023-06-04 | [Opec+ members agree to extend voluntary oil output cuts until end of 2024 \| The National](https://feedsoft.ai/events/35397-opec-members-agree-to-extend-voluntary-oil-output-cuts-until-end-of-2024-the.md) | -1.7% | -1.8% |
| BRENT | 2024-03-04 | [Saudi Arabia and the UAE among Opec+ members extending oil output cuts \| The National](https://feedsoft.ai/events/31114-saudi-arabia-and-the-uae-among-opec-members-extending-oil-output-cuts-the.md) | -1.2% | +3.1% |
| BRENT | 2020-02-16 | [Coronavirus: OPEC's JTC Recommends Extending Production Adjustments To End 2020 \| Energy News Africa](https://feedsoft.ai/events/54532-coronavirus-opec-s-jtc-recommends-extending-production-adjustments-to-end-2020.md) | +2.1% | -42.4% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/opec-technical-committee-recommends-extending-cuts-until-year-end-1.976252

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