# OPEC gets Iran green light to cut oil output by 0.8 million barrels per day: source

> Iran agreed to cut its oil output by about 0.8 million barrels per day from 2019, an OPEC source said on Friday in Vienna. OPEC will later ask non-OPEC producers to contribute an additional 0.4 million bpd in cuts.

- Date: 2018-12-07 · published 2018-12-07T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/61455-opec-gets-iran-green-light-to-cut-oil-output-by-0-8-million-barrels-per-day
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Iran's share of the OPEC cut is a key piece of the 1.2 million bpd package, so confirmation supports crude prices. Higher crude lifts energy and biofuel input costs.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-11-30 | [Saudis to cut oil output by 0.5 million bpd in OPEC deal: source](https://feedsoft.ai/events/73785-saudis-to-cut-oil-output-by-0-5-million-bpd-in-opec-deal-source.md) | +12.5% | +19.3% |
| WTI | 2023-06-04 | [Opec+ cuts oil output to 40.46 million barrels per day  throughout 2024 \| Khaleej Times](https://feedsoft.ai/events/35399-opec-cuts-oil-output-to-40-46-million-barrels-per-day-throughout-2024-khaleej.md) | -2.2% | -2.8% |
| WTI | 2016-11-30 | [OPEC reaches agreement to cut oil production to 32.5 million barrels a day: Oil ministers](https://feedsoft.ai/events/8568-opec-reaches-agreement-to-cut-oil-production-to-32-5-million-barrels-a-day-oil.md) | +12.5% | +19.3% |
| WTI | 2016-12-27 | [Venezuela Aims to Cut 95,000 Barrels Per Day of Crude Output in OPEC Deal](https://feedsoft.ai/events/73637-venezuela-aims-to-cut-95-000-barrels-per-day-of-crude-output-in-opec-deal.md) | +0.0% | -0.0% |
| WTI | 2023-11-30 | [Riyadh to extend 1 million-barrel-per-day cut as OPEC+ holds policy](https://feedsoft.ai/events/33084-riyadh-to-extend-1-million-barrel-per-day-cut-as-opec-holds-policy.md) | -11.0% | -7.4% |
| BRENT | 2016-11-30 | [Saudis to cut oil output by 0.5 million bpd in OPEC deal: source](https://feedsoft.ai/events/73785-saudis-to-cut-oil-output-by-0-5-million-bpd-in-opec-deal-source.md) | +16.7% | +22.1% |
| BRENT | 2023-06-04 | [Opec+ cuts oil output to 40.46 million barrels per day  throughout 2024 \| Khaleej Times](https://feedsoft.ai/events/35399-opec-cuts-oil-output-to-40-46-million-barrels-per-day-throughout-2024-khaleej.md) | -1.7% | -1.8% |
| BRENT | 2016-11-30 | [OPEC reaches agreement to cut oil production to 32.5 million barrels a day: Oil ministers](https://feedsoft.ai/events/8568-opec-reaches-agreement-to-cut-oil-production-to-32-5-million-barrels-a-day-oil.md) | +16.7% | +22.1% |

## Sources

- reuters.com: https://www.reuters.com/article/us-oil-opec-iran-deal/opec-gets-iran-green-light-to-cut-oil-output-by-0-8-million-barrels-per-day-source-idUSKBN1O61GH/

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