# Opec and Russia need to send out a strong signal

> OPEC and Russia were set to hold meetings in Vienna starting June 30 and are expected to extend production cuts of about 1.2 million barrels a day. Iran's attendance raised the possibility of diplomatic moves on Gulf tensions.

- Date: 2019-06-30 · published 2019-06-30T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/58763-opec-and-russia-need-to-send-out-a-strong-signal
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A widely expected extension of OPEC+ cuts supports crude prices, which can lift energy and input costs across agricultural supply chains.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-09-23 | [Opec and Russia say global oil glut halfway cleared \| The National](https://feedsoft.ai/events/68866-opec-and-russia-say-global-oil-glut-halfway-cleared-the-national.md) | +2.4% | +2.3% |
| 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 | 2023-12-01 | [OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts \| Euronews](https://feedsoft.ai/events/32491-opec-meeting-russia-and-saudi-arabia-extend-oil-output-cuts-euronews.md) | -8.8% | -5.2% |
| WTI | 2017-11-30 | [Opec and Russia extend deal to cut oil production through 2018](https://feedsoft.ai/events/67410-opec-and-russia-extend-deal-to-cut-oil-production-through-2018.md) | -2.5% | +4.5% |
| WTI | 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) | -1.4% | -2.5% |
| BRENT | 2017-09-23 | [Opec and Russia say global oil glut halfway cleared \| The National](https://feedsoft.ai/events/68866-opec-and-russia-say-global-oil-glut-halfway-cleared-the-national.md) | -0.4% | +0.5% |
| BRENT | 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) | -0.9% | -3.2% |
| BRENT | 2023-12-01 | [OPEC+ meeting: Russia and Saudi Arabia extend oil output cuts \| Euronews](https://feedsoft.ai/events/32491-opec-meeting-russia-and-saudi-arabia-extend-oil-output-cuts-euronews.md) | -9.9% | -6.0% |

## Sources

- gulfnews.com: https://gulfnews.com/business/analysis/opec-and-russia-need-to-send-out-a-strong-signal-1.64939825

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