# OPEC, allies to consider deeper oil cuts at December meeting - Reuters — Octa

> Citing OPEC sources, Reuters reported that OPEC and allies are considering deeper oil cuts at their December meeting because of a weak 2020 demand outlook. Sources said Saudi Arabia wants compliance from Nigeria and Iraq first, and WTI rose 2.3% to about $54.65.

- Date: 2019-10-22 · published 2019-10-22T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/56467-opec-allies-to-consider-deeper-oil-cuts-at-december-meeting-reuters-octa
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Possible further supply cuts support crude prices, which lift diesel and energy input costs and can support vegetable oil prices through biofuel margins.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: 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 | 2019-11-04 | [OPEC+ might cut output after December meeting \| Report.az](https://feedsoft.ai/events/55957-opec-might-cut-output-after-december-meeting-report-az.md) | +1.8% | -0.2% |
| WTI | 2019-11-30 | [OPEC and allies may deepen oil cut deal to reach 1.6 mln bpd: Iraq](https://feedsoft.ai/events/55953-opec-and-allies-may-deepen-oil-cut-deal-to-reach-1-6-mln-bpd-iraq.md) | +3.6% | +8.1% |
| WTI | 2022-10-05 | [Oil rises to 3-week highs as OPEC+ agrees to deep cuts, U.S. stockpiles fall \| Reuters](https://feedsoft.ai/events/39283-oil-rises-to-3-week-highs-as-opec-agrees-to-deep-cuts-u-s-stockpiles-fall.md) | +3.3% | +1.9% |
| WTI | 2024-04-01 | [OPEC+ members extend oil output cuts to second quarter](https://feedsoft.ai/events/31108-opec-members-extend-oil-output-cuts-to-second-quarter.md) | +4.5% | +1.4% |
| 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 | 2019-11-04 | [OPEC+ might cut output after December meeting \| Report.az](https://feedsoft.ai/events/55957-opec-might-cut-output-after-december-meeting-report-az.md) | +2.2% | +4.2% |
| BRENT | 2019-11-30 | [OPEC and allies may deepen oil cut deal to reach 1.6 mln bpd: Iraq](https://feedsoft.ai/events/55953-opec-and-allies-may-deepen-oil-cut-deal-to-reach-1-6-mln-bpd-iraq.md) | +3.1% | +7.7% |

## Sources

- octaafrica.net: https://www.octaafrica.net/markets/news/view/764069/
- worldoil.com: https://www.worldoil.com/news/2019/10/22/oil-advances-on-report-opec-allies-to-discuss-deepening-cuts

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