# OPEC decisions in 177th meeting announced - Mehr News Agency

> Iranian news agency Shana reported the key decisions of OPEC's 177th meeting in Vienna. OPEC agreed to raise its output cuts by 503,000 bpd effective January 1, 2020, bringing the total to 1.703 million bpd. Iran, Venezuela and Libya remained exempt, and condensate was removed from non-OPEC production figures.

- Date: 2019-12-06 · published 2019-12-06T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/55492-opec-decisions-in-177th-meeting-announced-mehr-news-agency
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The higher cut total tightens supply in the first quarter, supporting crude prices, while the condensate change lowers reported Russian output and affects how the cut is measured.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-05-25 | [Opec’s meeting in Vienna: As it happened \| The National](https://feedsoft.ai/events/70930-opec-s-meeting-in-vienna-as-it-happened-the-national.md) | -7.0% | -16.6% |
| BRENT | 2024-06-02 | [37th OPEC and non-OPEC Ministerial Meeting  extends level of overall crude oil production until end of 2025 \| Emirates News Agency](https://feedsoft.ai/events/29652-37th-opec-and-non-opec-ministerial-meeting-extends-level-of-overall-crude-oil.md) | -2.0% | +7.9% |
| BRENT | 2017-05-25 | [OPEC : OPEC 172nd Meeting concludes](https://feedsoft.ai/events/70927-opec-opec-172nd-meeting-concludes.md) | -7.0% | -16.6% |
| BRENT | 2024-06-02 | [37th OPEC and non-OPEC Ministerial Meeting Statement](https://feedsoft.ai/events/29651-37th-opec-and-non-opec-ministerial-meeting-statement.md) | -2.0% | +7.9% |
| BRENT | 2017-05-26 | [OPEC decision stabilizes oil prices, but for how long? \| CBC News](https://feedsoft.ai/events/70934-opec-decision-stabilizes-oil-prices-but-for-how-long-cbc-news.md) | -2.9% | -13.5% |
| WTI | 2017-05-25 | [Opec’s meeting in Vienna: As it happened \| The National](https://feedsoft.ai/events/70930-opec-s-meeting-in-vienna-as-it-happened-the-national.md) | -5.4% | -16.7% |
| WTI | 2024-06-02 | [37th OPEC and non-OPEC Ministerial Meeting  extends level of overall crude oil production until end of 2025 \| Emirates News Agency](https://feedsoft.ai/events/29652-37th-opec-and-non-opec-ministerial-meeting-extends-level-of-overall-crude-oil.md) | -1.9% | +8.5% |
| WTI | 2017-05-25 | [OPEC : OPEC 172nd Meeting concludes](https://feedsoft.ai/events/70927-opec-opec-172nd-meeting-concludes.md) | -5.4% | -16.7% |

## Sources

- en.mehrnews.com: https://en.mehrnews.com/news/153090/OPEC-decisions-in-177th-meeting-announced

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