# OPEC Output Falls Most in Almost 2 Years | Rigzone

> A Bloomberg survey showed OPEC output fell 530,000 bpd in December to 32.6 million bpd, the sharpest drop since January 2017. Saudi Arabia cut back deliberately while Iran faced U.S. sanctions and Libya had protest-related losses. Brent was about $56, 35 percent below its October peak.

- Date: 2019-01-02 · published 2019-01-02T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/61000-opec-output-falls-most-in-almost-2-years-rigzone
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Sharper supply reductions support crude prices, though investors doubt cuts are deep enough to offset expected shale growth. Energy price direction feeds into diesel and freight costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-09-24 | [Oil prices at highest levels in 4 years after OPEC says it won't raise output \| CBC News](https://feedsoft.ai/events/63202-oil-prices-at-highest-levels-in-4-years-after-opec-says-it-won-t-raise-output.md) | +4.9% | +1.6% |
| BRENT | 2024-11-03 | [OPEC+ agrees to delay December output hike for one month \| Reuters](https://feedsoft.ai/events/27301-opec-agrees-to-delay-december-output-hike-for-one-month-reuters.md) | +0.8% | +0.2% |
| BRENT | 2022-03-30 | [OPEC+ sticks to modest oil output rises, ditches IEA data](https://feedsoft.ai/events/42174-opec-sticks-to-modest-oil-output-rises-ditches-iea-data.md) | -4.4% | -6.5% |
| BRENT | 2020-10-27 | [Column: OPEC+ set for a three-month output rollover](https://feedsoft.ai/events/50546-column-opec-set-for-a-three-month-output-rollover.md) | -3.5% | +14.5% |
| BRENT | 2022-07-15 | [Oil rises 2% as no immediate Saudi output boost expected](https://feedsoft.ai/events/40660-oil-rises-2-as-no-immediate-saudi-output-boost-expected.md) | +4.8% | -0.0% |
| WTI | 2018-09-24 | [Oil prices at highest levels in 4 years after OPEC says it won't raise output \| CBC News](https://feedsoft.ai/events/63202-oil-prices-at-highest-levels-in-4-years-after-opec-says-it-won-t-raise-output.md) | +3.4% | -2.3% |
| WTI | 2024-11-03 | [OPEC+ agrees to delay December output hike for one month \| Reuters](https://feedsoft.ai/events/27301-opec-agrees-to-delay-december-output-hike-for-one-month-reuters.md) | +1.3% | -2.1% |
| WTI | 2022-03-30 | [OPEC+ sticks to modest oil output rises, ditches IEA data](https://feedsoft.ai/events/42174-opec-sticks-to-modest-oil-output-rises-ditches-iea-data.md) | -2.2% | -2.2% |

## Sources

- rigzone.com: https://www.rigzone.com/news/opec_output_falls_most_in_almost_2_years-2-jan-2019-157829-article/

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