# OPEC, allies agree to deepen oil output cuts

> OPEC and allied producers led by Saudi Arabia and Russia agreed to cut output by an extra 500,000 barrels per day in the first quarter of 2020. The combined cuts total 1.7 million bpd, about 1.7% of global supply, but the deal does not extend beyond March.

- Date: 2019-12-05 · published 2019-12-05T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Deeper supply restraint tightens crude balances at a time of seasonal demand weakness, which supports crude prices and the cost of diesel and energy inputs for feed production.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -8.3% | +2.6% |
| WTI | 2018-12-07 | [OPEC and Allies, Defying Trump, Agree to Cut Oil Output to Prop Up Prices](https://feedsoft.ai/events/10624-opec-and-allies-defying-trump-agree-to-cut-oil-output-to-prop-up-prices.md) | +2.2% | -6.2% |
| WTI | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -6.2% |
| WTI | 2026-09-06 | [OPEC, Allies Agree to Keep Oil Output Steady in October - WSJ](https://feedsoft.ai/events/17380-opec-allies-agree-to-keep-oil-output-steady-in-october-wsj.md) | +9.3% | +3.6% |
| WTI | 2022-10-01 | [Oil up nearly 3% as OPEC+ agrees to small oil output cut](https://feedsoft.ai/events/39515-oil-up-nearly-3-as-opec-agrees-to-small-oil-output-cut.md) | +16.5% | +10.2% |
| BRENT | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -7.2% | +3.3% |
| BRENT | 2018-12-07 | [OPEC and Allies, Defying Trump, Agree to Cut Oil Output to Prop Up Prices](https://feedsoft.ai/events/10624-opec-and-allies-defying-trump-agree-to-cut-oil-output-to-prop-up-prices.md) | +2.2% | -2.9% |
| BRENT | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -2.9% |

## Sources

- web.archive.org: https://web.archive.org/web/20191205195453/https:/www.reuters.com/article/us-oil-opec-idUSKBN1Y90UK
- reuters.com: https://www.reuters.com/article/us-oil-opec/opec-allies-agree-to-deepen-oil-output-cuts-idUSKBN1Y90UK/
- reuters.com: https://www.reuters.com/article/us-opec-oil-analystsview/what-deeper-opec-oil-output-cuts-mean-for-the-market-idUSKBN1YA1KX/?feedName=businessNews&feedType=RSS

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