# Opec agrees to extend cuts for nine months amid demand concerns | The National

> OPEC and its allies agreed to extend production cuts for nine months, and Saudi Energy Minister Khalid al-Falih called the extension unequivocal. Brent crude traded at $65.41 with a lukewarm market reaction, as traders weighed weaker demand forecasts.

- Date: 2019-07-02 · published 2019-07-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/58008-opec-agrees-to-extend-cuts-for-nine-months-amid-demand-concerns-the-national
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The extension puts a floor under crude prices if demand weakens, though the muted reaction suggests limited near-term upside. Energy input costs for feed producers stay supported.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| 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% |
| BRENT | 2022-09-05 | [Opec+ agrees to cut October crude supply by 100,000 bpd amid demand headwinds \| The National](https://feedsoft.ai/events/39518-opec-agrees-to-cut-october-crude-supply-by-100-000-bpd-amid-demand-headwinds.md) | -0.9% | -5.0% |
| 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 | 2024-03-04 | [Saudi Arabia and the UAE among Opec+ members extending oil output cuts \| The National](https://feedsoft.ai/events/31114-saudi-arabia-and-the-uae-among-opec-members-extending-oil-output-cuts-the.md) | -1.2% | +3.1% |
| BRENT | 2020-06-06 | [OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times](https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times.md) | -7.2% | +3.3% |
| 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 | 2022-09-05 | [Opec+ agrees to cut October crude supply by 100,000 bpd amid demand headwinds \| The National](https://feedsoft.ai/events/39518-opec-agrees-to-cut-october-crude-supply-by-100-000-bpd-amid-demand-headwinds.md) | +1.0% | -3.7% |
| 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% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/energy/opec-agrees-to-extend-cuts-for-nine-months-amid-demand-concerns-1.881734

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