# OPEC, allies to lower oil output 500,000 barrels more

> OPEC and allies agreed to lower collective crude output by an additional 500,000 bpd from January 1, 2020, on top of the existing deal. Saudi Arabia will take most of the cut and add a voluntary 400,000 bpd, bringing total reductions to 2.1 million bpd. The deal will be reviewed in early March 2020.

- Date: 2019-12-06 · published 2019-12-06T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/55495-opec-allies-to-lower-oil-output-500-000-barrels-more
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Total cuts of 2.1 million bpd remove a significant share of supply, supporting crude prices and the energy costs behind diesel, freight and fertilizer.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.5% | +4.7% |
| 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 | 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 | 2016-12-27 | [Venezuela Aims to Cut 95,000 Barrels Per Day of Crude Output in OPEC Deal](https://feedsoft.ai/events/73637-venezuela-aims-to-cut-95-000-barrels-per-day-of-crude-output-in-opec-deal.md) | +0.0% | -0.0% |
| WTI | 2018-12-07 | [OPEC gets Iran green light to cut oil output by 0.8 million barrels per day: source](https://feedsoft.ai/events/61455-opec-gets-iran-green-light-to-cut-oil-output-by-0-8-million-barrels-per-day.md) | +2.2% | -6.2% |
| BRENT | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.7% | +7.4% |
| 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 | 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) | +12.0% | +18.6% |

## Sources

- aa.com.tr: https://aa.com.tr/en/economy/opec-allies-to-lower-oil-output-500-000-barrels-more/1666158
- cnbc.com: https://www.cnbc.com/2019/12/06/oil-moves-lower-as-traders-await-details-of-the-final-opec-decision.html

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