# OPEC cuts crude production for market re-balancing – National Daily Newspaper

> OPEC's monthly oil market report showed its December output at 31.58 million bpd, down from 32.33 million in November. OPEC estimated first-half 2019 demand for its crude at 30.88 million bpd, implying a further cut of about 700,000 bpd is needed to avoid inventory builds. The 2019 global demand forecast was unchanged at 100.08 million bpd.

- Date: 2019-01-18 · published 2019-01-18T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/61001-opec-cuts-crude-production-for-market-re-balancing-national-daily-newspaper
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The report signals that further OPEC cuts may be needed to balance the market, which supports crude prices. Stronger crude supports energy costs that feed into diesel and fertilizer.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2020-07-31 | [Oil on track for monthly gains as US cuts production - Markets - Business Recorder](https://feedsoft.ai/events/52264-oil-on-track-for-monthly-gains-as-us-cuts-production-markets-business-recorder.md) | +4.9% | +4.7% |
| BRENT | 2024-02-01 | [OPEC Cuts Oil Production as Coalition Begins New Supply Pact - Bloomberg](https://feedsoft.ai/events/31566-opec-cuts-oil-production-as-coalition-begins-new-supply-pact-bloomberg.md) | -2.6% | +1.9% |
| BRENT | 2018-01-22 | [OPEC and Non-OPEC oil production cuts at record highs - Offshore Energy](https://feedsoft.ai/events/66902-opec-and-non-opec-oil-production-cuts-at-record-highs-offshore-energy.md) | +2.5% | -5.9% |
| BRENT | 2021-10-11 | [OPEC+ crude oil production rises in September, but remains below target: Platts survey](https://feedsoft.ai/events/44721-opec-crude-oil-production-rises-in-september-but-remains-below-target-platts.md) | +3.0% | +0.4% |
| BRENT | 2017-09-12 | [OPEC oil production falls for the first time since March](https://feedsoft.ai/events/68865-opec-oil-production-falls-for-the-first-time-since-march.md) | +2.7% | +2.8% |
| WTI | 2020-07-31 | [Oil on track for monthly gains as US cuts production - Markets - Business Recorder](https://feedsoft.ai/events/52264-oil-on-track-for-monthly-gains-as-us-cuts-production-markets-business-recorder.md) | +5.2% | +7.7% |
| WTI | 2024-02-01 | [OPEC Cuts Oil Production as Coalition Begins New Supply Pact - Bloomberg](https://feedsoft.ai/events/31566-opec-cuts-oil-production-as-coalition-begins-new-supply-pact-bloomberg.md) | -2.6% | +3.6% |
| WTI | 2021-10-11 | [OPEC+ crude oil production rises in September, but remains below target: Platts survey](https://feedsoft.ai/events/44721-opec-crude-oil-production-rises-in-september-but-remains-below-target-platts.md) | +3.6% | +2.2% |

## Sources

- nationaldailyng.com: https://nationaldailyng.com/opec-cuts-crude-production-for-market-re-balancing/

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