# OPEC, Russia Agree To Extend Oil Output Cuts Into 2020

> OPEC and non-OPEC partners led by Russia agreed to extend oil output cuts of 1.2 million barrels per day into 2020. Russian Energy Minister Alexander Novak said the group would monitor the market monthly and could raise output later if a deficit emerged.

- Date: 2019-07-02 · published 2019-07-02T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/58009-opec-russia-agree-to-extend-oil-output-cuts-into-2020
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Extended cuts tighten crude supply and support oil prices, which feed into diesel and freight costs. The option to increase output later limits how far prices can rise.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-02-07 | [MEED \| Opec+ agrees to extend oil output cuts till March 2020](https://feedsoft.ai/events/60521-meed-opec-agrees-to-extend-oil-output-cuts-till-march-2020.md) | +1.6% | +4.5% |
| BRENT | 2023-06-04 | [Opec+ to extend cuts in oil output into 2024 as prices flag \| Opec \| The Guardian](https://feedsoft.ai/events/35401-opec-to-extend-cuts-in-oil-output-into-2024-as-prices-flag-opec-the-guardian.md) | -1.7% | -1.8% |
| BRENT | 2025-01-01 | [OPEC+ delays oil output hike until April, extends cuts into 2026](https://feedsoft.ai/events/26869-opec-delays-oil-output-hike-until-april-extends-cuts-into-2026.md) | +2.9% | +2.9% |
| 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% |
| BRENT | 2019-06-29 | [Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters](https://feedsoft.ai/events/58525-russia-agrees-with-saudi-arabia-to-extend-opec-oil-output-deal-reuters.md) | -4.2% | -6.1% |
| WTI | 2019-02-07 | [MEED \| Opec+ agrees to extend oil output cuts till March 2020](https://feedsoft.ai/events/60521-meed-opec-agrees-to-extend-oil-output-cuts-till-march-2020.md) | -0.2% | +4.2% |
| WTI | 2023-06-04 | [Opec+ to extend cuts in oil output into 2024 as prices flag \| Opec \| The Guardian](https://feedsoft.ai/events/35401-opec-to-extend-cuts-in-oil-output-into-2024-as-prices-flag-opec-the-guardian.md) | -2.2% | -2.8% |
| WTI | 2025-01-01 | [OPEC+ delays oil output hike until April, extends cuts into 2026](https://feedsoft.ai/events/26869-opec-delays-oil-output-hike-until-april-extends-cuts-into-2026.md) | +2.2% | +1.1% |

## Sources

- rferl.org: https://www.rferl.org/a/opec-russia-agree-to-extend-oil-output-cuts-into-2020/30033502.html

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