# The Latest: OPEC backs 6-month oil production cut package | AP News

> OPEC and non-OPEC producers including Russia agreed to cut oil output by 1.2 million barrels per day starting in January for six months, according to OPEC's president, Suhail Mohamed al-Mazrouei, at the close of a two-day meeting in Vienna. He called the reduction a major step.

- Date: 2018-12-07 · published 2018-12-07T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/61454-the-latest-opec-backs-6-month-oil-production-cut-package-ap-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A coordinated 1.2 million bpd supply cut tightens crude markets, supporting higher energy prices. Crude costs feed into biofuel economics and diesel and fertilizer costs for feed producers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-04-12 | [Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg](https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg.md) | -19.9% | +5.3% |
| WTI | 2020-05-16 | [OPEC+ Supply Cuts: Latest Oil Market News on Output Status - Bloomberg](https://feedsoft.ai/events/53027-opec-supply-cuts-latest-oil-market-news-on-output-status-bloomberg.md) | +13.5% | +26.0% |
| WTI | 2018-11-12 | [OPEC analysis shows need for a production cut of 1 million bpd](https://feedsoft.ai/events/61948-opec-analysis-shows-need-for-a-production-cut-of-1-million-bpd.md) | -6.2% | -15.2% |
| WTI | 2020-11-30 | [OPEC Meets To Decide Whether Cuts In Oil Production Are Still Needed : NPR](https://feedsoft.ai/events/50061-opec-meets-to-decide-whether-cuts-in-oil-production-are-still-needed-npr.md) | +1.5% | +4.3% |
| WTI | 2020-06-08 | [Oil prices top $40 as OPEC+ extends production cuts \| Fox Business](https://feedsoft.ai/events/52796-oil-prices-top-40-as-opec-extends-production-cuts-fox-business.md) | -8.3% | +2.6% |
| BRENT | 2020-04-12 | [Oil News: OPEC+ Deal to Cut Production Reached, Price War Ends - Bloomberg](https://feedsoft.ai/events/53541-oil-news-opec-deal-to-cut-production-reached-price-war-ends-bloomberg.md) | -6.7% | +8.6% |
| BRENT | 2020-05-16 | [OPEC+ Supply Cuts: Latest Oil Market News on Output Status - Bloomberg](https://feedsoft.ai/events/53027-opec-supply-cuts-latest-oil-market-news-on-output-status-bloomberg.md) | +8.6% | +24.8% |
| BRENT | 2018-11-12 | [OPEC analysis shows need for a production cut of 1 million bpd](https://feedsoft.ai/events/61948-opec-analysis-shows-need-for-a-production-cut-of-1-million-bpd.md) | -5.1% | -11.4% |

## Sources

- apnews.com: https://apnews.com/article/5da8865ff3d0475d9dce20c10cb430cd

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