# OPEC, allies agree to maintain current production cuts - Dubai Eye 103.8 - News, Talk & Sports

> OPEC and its allies agreed at a meeting in Abu Dhabi to keep their current production cuts until a further review in December. Saudi Arabia pledged a voluntary adjustment to 9.89 million bpd in October, and Iraq and Nigeria announced further cuts. The UAE said it would keep output at levels that achieve market balance.

- Date: 2019-09-12 · published 2019-09-12T12:00:00.000Z
- Category: policy · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/57003-opec-allies-agree-to-maintain-current-production-cuts-dubai-eye-103-8-news-talk
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Maintaining the cuts keeps supply restrained through the end of the year, which supports crude prices. Stable crude helps keep diesel and energy costs predictable for feed mills and grain haulers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2022-12-04 | [OPEC+ agrees to maintain oil production targets](https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets.md) | -11.1% | -3.8% |
| WTI | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -6.2% |
| WTI | 2019-07-01 | [OPEC agrees to extend current production cuts by 9 months](https://feedsoft.ai/events/58006-opec-agrees-to-extend-current-production-cuts-by-9-months.md) | -1.4% | -2.5% |
| WTI | 2023-02-01 | [OPEC+ agrees to stick to current production scheme](https://feedsoft.ai/events/37223-opec-agrees-to-stick-to-current-production-scheme.md) | -2.2% | -1.7% |
| WTI | 2020-07-01 | [Opec and allies extend oil production cuts to end of July](https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july.md) | +4.2% | +4.9% |
| BRENT | 2022-12-04 | [OPEC+ agrees to maintain oil production targets](https://feedsoft.ai/events/38140-opec-agrees-to-maintain-oil-production-targets.md) | -11.4% | -5.6% |
| BRENT | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -2.9% |
| BRENT | 2019-07-01 | [OPEC agrees to extend current production cuts by 9 months](https://feedsoft.ai/events/58006-opec-agrees-to-extend-current-production-cuts-by-9-months.md) | -4.2% | -6.1% |

## Sources

- dubaieye1038.com: https://www.dubaieye1038.com/news/business/opec-allies-agree-to-maintain-current-production-cuts/

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