# OPEC Reflects on a Month of Uncertainty and Decides to Stay the Course—at Least for Now

> OPEC+ ministers met in Jeddah over the weekend to review whether their production strategy needed changes amid oil market stress and geopolitical tensions. The group deferred any decision to its June meeting. The meeting followed the US decision not to renew Iranian crude sanction waivers when they expired on May 2.

- Date: 2019-05-20 · published 2019-05-20T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/59015-opec-reflects-on-a-month-of-uncertainty-and-decides-to-stay-the-course-at-least
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Holding output steady while US sanctions tighten Iranian supply supports crude prices, which feeds into diesel and energy costs for feed mills and transport.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-07-02 | [Opec agrees to extend cuts for nine months amid demand concerns \| The National](https://feedsoft.ai/events/58008-opec-agrees-to-extend-cuts-for-nine-months-amid-demand-concerns-the-national.md) | -2.2% | -1.6% |
| WTI | 2021-06-01 | [Brent Touches A Three-Month High As OPEC+ Decides To Stick With Output Increases For July](https://feedsoft.ai/events/46497-brent-touches-a-three-month-high-as-opec-decides-to-stick-with-output-increases.md) | +4.4% | +10.0% |
| WTI | 2023-10-04 | [OPEC+ maintains output reduction to boost oil prices - AL-MONITOR: The Middle Eastʼs leading independent news source since 2012](https://feedsoft.ai/events/33524-opec-maintains-output-reduction-to-boost-oil-prices-al-monitor-the-middle-east.md) | -3.7% | -8.8% |
| WTI | 2016-12-01 | [After OPEC deal, oil expected to rally - for the moment](https://feedsoft.ai/events/9703-after-opec-deal-oil-expected-to-rally-for-the-moment.md) | +0.8% | +8.8% |
| WTI | 2017-07-31 | [OPEC set to meet with allies on compliance \| The Greater Middle East](https://feedsoft.ai/events/70161-opec-set-to-meet-with-allies-on-compliance-the-greater-middle-east.md) | -0.3% | -4.0% |
| BRENT | 2019-07-02 | [Opec agrees to extend cuts for nine months amid demand concerns \| The National](https://feedsoft.ai/events/58008-opec-agrees-to-extend-cuts-for-nine-months-amid-demand-concerns-the-national.md) | -0.9% | -3.2% |
| BRENT | 2021-06-01 | [Brent Touches A Three-Month High As OPEC+ Decides To Stick With Output Increases For July](https://feedsoft.ai/events/46497-brent-touches-a-three-month-high-as-opec-decides-to-stick-with-output-increases.md) | +2.4% | +7.5% |
| BRENT | 2023-10-04 | [OPEC+ maintains output reduction to boost oil prices - AL-MONITOR: The Middle Eastʼs leading independent news source since 2012](https://feedsoft.ai/events/33524-opec-maintains-output-reduction-to-boost-oil-prices-al-monitor-the-middle-east.md) | -3.8% | -6.0% |

## Sources

- csis.org: https://www.csis.org/analysis/opec-reflects-month-uncertainty-and-decides-stay-course-least-now

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