# Deeper OPEC+  supply cuts sends supportive signal to markets | Wood Mackenzie

> Wood Mackenzie said OPEC+ agreed to keep current restraint of 1.2 million bpd and add 0.5 million bpd of cuts through March. Russia will make an extra 70,000 bpd cut, and the group will not commit to restraint beyond March 2020. The firm called the proactive management supportive for 2020 prices.

- Date: 2019-12-06 · published 2019-12-06T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/55493-deeper-opec-supply-cuts-sends-supportive-signal-to-markets-wood-mackenzie
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Analysts see the short-term cuts as preventing a sharp price downturn, but the March expiry limits support, so crude costs for feed-chain energy inputs may stay firm but not rise sharply.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-12-01 | [OPEC opts to extend production cuts \| Wood Mackenzie](https://feedsoft.ai/events/67409-opec-opts-to-extend-production-cuts-wood-mackenzie.md) | -2.0% | +4.9% |
| BRENT | 2023-12-01 | [Deeper OPEC+ supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think.md) | -9.9% | -6.0% |
| BRENT | 2019-06-30 | [OPEC+ set for rollover but risk clouds supply outlook   \| Wood Mackenzie](https://feedsoft.ai/events/58526-opec-set-for-rollover-but-risk-clouds-supply-outlook-wood-mackenzie.md) | -4.2% | -6.1% |
| BRENT | 2019-07-03 | [OPEC+ decides on rollover and tight H2 2019 supply demand balance Report \| Wood Mackenzie](https://feedsoft.ai/events/58007-opec-decides-on-rollover-and-tight-h2-2019-supply-demand-balance-report-wood.md) | +2.7% | +1.7% |
| BRENT | 2022-09-05 | [OPEC+ agrees to make token supply cut to steady oil market](https://feedsoft.ai/events/39516-opec-agrees-to-make-token-supply-cut-to-steady-oil-market.md) | -0.9% | -5.0% |
| WTI | 2017-12-01 | [OPEC opts to extend production cuts \| Wood Mackenzie](https://feedsoft.ai/events/67409-opec-opts-to-extend-production-cuts-wood-mackenzie.md) | -1.5% | +5.3% |
| WTI | 2023-12-01 | [Deeper OPEC+ supply cuts \| articles \| ING THINK](https://feedsoft.ai/events/32488-deeper-opec-supply-cuts-articles-ing-think.md) | -8.8% | -5.2% |
| WTI | 2019-06-30 | [OPEC+ set for rollover but risk clouds supply outlook   \| Wood Mackenzie](https://feedsoft.ai/events/58526-opec-set-for-rollover-but-risk-clouds-supply-outlook-wood-mackenzie.md) | -1.4% | -2.5% |

## Sources

- woodmac.com: https://www.woodmac.com/press-releases/opecdeal/

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