# Oil markets fall as it is reported that OPEC+ members are not looking for another production cut — Octa

> Oil fell after a report that the largest OPEC+ members are not seeking another production cut, with Saudi Arabia pushing members to adhere to existing commitments instead. WTI dropped from a resistance level near $57.43. A larger-than-expected rise in US inventories added to the selling pressure.

- Date: 2019-11-06 · published 2019-11-06T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/56236-oil-markets-fall-as-it-is-reported-that-opec-members-are-not-looking-for
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Without a new cut, the supply cushion weakens and prices lose support. Lower crude prices reduce diesel and freight costs but also weaken the case for biofuel demand.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-05-25 | [OPEC and non-OPEC members agree to extend production cuts for nine months](https://feedsoft.ai/events/70928-opec-and-non-opec-members-agree-to-extend-production-cuts-for-nine-months.md) | -5.4% | -16.7% |
| WTI | 2024-06-03 | [U.S. crude oil falls more than 3% as OPEC+ plans phasing out production cuts](https://feedsoft.ai/events/29656-u-s-crude-oil-falls-more-than-3-as-opec-plans-phasing-out-production-cuts.md) | -1.9% | +8.5% |
| WTI | 2025-07-05 | [OPEC+ members agree to larger-than-expected oil production hike in August](https://feedsoft.ai/events/23671-opec-members-agree-to-larger-than-expected-oil-production-hike-in-august.md) | +2.4% | +0.7% |
| WTI | 2022-12-04 | [OPEC Plus opts against cutting production as oil prices fall - The Washington Post](https://feedsoft.ai/events/38138-opec-plus-opts-against-cutting-production-as-oil-prices-fall-the-washington-post.md) | -11.1% | -3.8% |
| WTI | 2025-10-03 | [OPEC+ agrees to modest oil production increase for November](https://feedsoft.ai/events/22305-opec-agrees-to-modest-oil-production-increase-for-november.md) | +1.7% | +0.1% |
| BRENT | 2017-05-25 | [OPEC and non-OPEC members agree to extend production cuts for nine months](https://feedsoft.ai/events/70928-opec-and-non-opec-members-agree-to-extend-production-cuts-for-nine-months.md) | -7.0% | -16.6% |
| BRENT | 2024-06-03 | [U.S. crude oil falls more than 3% as OPEC+ plans phasing out production cuts](https://feedsoft.ai/events/29656-u-s-crude-oil-falls-more-than-3-as-opec-plans-phasing-out-production-cuts.md) | -2.0% | +7.9% |
| BRENT | 2025-07-05 | [OPEC+ members agree to larger-than-expected oil production hike in August](https://feedsoft.ai/events/23671-opec-members-agree-to-larger-than-expected-oil-production-hike-in-august.md) | +2.2% | +0.7% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/769850/

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