# OPEC members Iraq, Nigeria agree to cut oil output | OPEC | Al Jazeera

> OPEC agreed to ask over-producing members Iraq and Nigeria to bring output in line with their targets, with Iraq pledging a 175,000 bpd cut by October and Nigeria 57,000 bpd. Oil had fallen below $60 a barrel from 2019 peaks near $75 on recession fears. Saudi Arabia said it would pump just below 10 million bpd.

- Date: 2019-09-12 · published 2019-09-12T12:00:00.000Z
- Category: policy · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/57002-opec-members-iraq-nigeria-agree-to-cut-oil-output-opec-al-jazeera
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Additional supply cuts from over-producers tighten the crude balance and support oil prices against a demand slowdown. Higher crude tends to lift diesel and freight costs and can support vegetable oil and biofuel values.

## 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 | 2023-06-04 | [Opec+ members agree to extend voluntary oil output cuts until end of 2024 \| The National](https://feedsoft.ai/events/35397-opec-members-agree-to-extend-voluntary-oil-output-cuts-until-end-of-2024-the.md) | -2.2% | -2.8% |
| WTI | 2019-07-02 | [OPEC, Russia Agree To Extend Oil Output Cuts Into 2020](https://feedsoft.ai/events/58009-opec-russia-agree-to-extend-oil-output-cuts-into-2020.md) | -2.2% | -1.6% |
| 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% |
| WTI | 2023-04-03 | [Opec+ agrees to stick to oil output targets as members pledge voluntary cuts    \| The National](https://feedsoft.ai/events/36324-opec-agrees-to-stick-to-oil-output-targets-as-members-pledge-voluntary-cuts-the.md) | +5.4% | -0.0% |
| 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 | 2023-06-04 | [Opec+ members agree to extend voluntary oil output cuts until end of 2024 \| The National](https://feedsoft.ai/events/35397-opec-members-agree-to-extend-voluntary-oil-output-cuts-until-end-of-2024-the.md) | -1.7% | -1.8% |
| BRENT | 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) | +5.9% | +3.3% |

## Sources

- aljazeera.com: https://www.aljazeera.com/economy/2019/9/12/opec-members-iraq-nigeria-agree-to-cut-oil-output

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