# OPEC, non-OPEC members decide on extending production cuts up to March 2020, ETEnergyworld

> OPEC and 10 non-OPEC countries led by Russia decided to extend production cuts by nine months, to 31 March 2020. OPEC said oil demand growth for 2019 had been revised down to 1.14 million barrels per day.

- Date: 2019-07-03 · published 2019-07-03T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/58010-opec-non-opec-members-decide-on-extending-production-cuts-up-to-march-2020
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The cut extension aims to draw down crude inventories and support prices, while the demand downgrade signals weaker energy demand. Net effect on energy input costs is mildly supportive.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-02-05 | [OPEC+ to decide on extending oil production cuts into Q2 2024 in March](https://feedsoft.ai/events/31564-opec-to-decide-on-extending-oil-production-cuts-into-q2-2024-in-march.md) | +5.7% | +7.3% |
| BRENT | 2017-12-01 | [OPEC opts to extend production cuts \| Wood Mackenzie](https://feedsoft.ai/events/67409-opec-opts-to-extend-production-cuts-wood-mackenzie.md) | -2.0% | +4.9% |
| BRENT | 2024-06-02 | [OPEC+ to extend deep oil production cuts into 2025 \| CNN Business](https://feedsoft.ai/events/29654-opec-to-extend-deep-oil-production-cuts-into-2025-cnn-business.md) | -2.0% | +7.9% |
| BRENT | 2020-02-16 | [Coronavirus: OPEC's JTC Recommends Extending Production Adjustments To End 2020 \| Energy News Africa](https://feedsoft.ai/events/54532-coronavirus-opec-s-jtc-recommends-extending-production-adjustments-to-end-2020.md) | +2.1% | -42.4% |
| BRENT | 2024-05-03 | [OPEC+ likely to extend production cuts in June](https://feedsoft.ai/events/30161-opec-likely-to-extend-production-cuts-in-june.md) | -0.8% | -4.4% |
| WTI | 2024-02-05 | [OPEC+ to decide on extending oil production cuts into Q2 2024 in March](https://feedsoft.ai/events/31564-opec-to-decide-on-extending-oil-production-cuts-into-q2-2024-in-march.md) | +6.3% | +9.4% |
| WTI | 2017-12-01 | [OPEC opts to extend production cuts \| Wood Mackenzie](https://feedsoft.ai/events/67409-opec-opts-to-extend-production-cuts-wood-mackenzie.md) | -1.5% | +5.3% |
| WTI | 2024-06-02 | [OPEC+ to extend deep oil production cuts into 2025 \| CNN Business](https://feedsoft.ai/events/29654-opec-to-extend-deep-oil-production-cuts-into-2025-cnn-business.md) | -1.9% | +8.5% |

## Sources

- energy.economictimes.indiatimes.com: https://energy.economictimes.indiatimes.com/news/oil-and-gas/opec-non-opec-members-decide-on-extending-production-cuts-up-to-march-2020/70050415

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