# OPEC and non-OPEC nations agree on 1.2M barrel per day production cut - UPI.com

> OPEC and non-OPEC members agreed in Vienna to jointly reduce crude output by 1.2 million barrels per day for six months from January 2019. OPEC will cut 0.8 million bpd and participating non-OPEC members, led by Russia, will cut 0.4 million bpd; the U.S. did not take part.

- Date: 2018-12-07 · published 2018-12-07T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/61457-opec-and-non-opec-nations-agree-on-1-2m-barrel-per-day-production-cut-upi-com
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

The 1.2 million bpd cut is intended to tighten global supply and lift oil prices, which raises energy and diesel costs for feed producers. Analysts flagged uncertainty over U.S. President Trump's response, which could affect the price outlook.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-04-09 | [OPEC and allies agree to historic 10 million barrel per day oil cut](https://feedsoft.ai/events/53545-opec-and-allies-agree-to-historic-10-million-barrel-per-day-oil-cut.md) | -20.7% | -1.1% |
| WTI | 2020-06-06 | [OPEC and allies agree to extend record production cut](https://feedsoft.ai/events/52790-opec-and-allies-agree-to-extend-record-production-cut.md) | -8.3% | +2.6% |
| WTI | 2018-12-07 | [OPEC and Russia agree to slash oil production \| CNN Business](https://feedsoft.ai/events/61456-opec-and-russia-agree-to-slash-oil-production-cnn-business.md) | +2.2% | -6.2% |
| WTI | 2018-05-11 | [Iranian Oil Squeeze Could Upset OPEC Agreement on Production Cuts](https://feedsoft.ai/events/65182-iranian-oil-squeeze-could-upset-opec-agreement-on-production-cuts.md) | +0.2% | -7.8% |
| 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% |
| BRENT | 2020-04-09 | [OPEC and allies agree to historic 10 million barrel per day oil cut](https://feedsoft.ai/events/53545-opec-and-allies-agree-to-historic-10-million-barrel-per-day-oil-cut.md) | -20.8% | -7.2% |
| BRENT | 2020-06-06 | [OPEC and allies agree to extend record production cut](https://feedsoft.ai/events/52790-opec-and-allies-agree-to-extend-record-production-cut.md) | -7.2% | +3.3% |
| BRENT | 2018-12-07 | [OPEC and Russia agree to slash oil production \| CNN Business](https://feedsoft.ai/events/61456-opec-and-russia-agree-to-slash-oil-production-cnn-business.md) | +2.2% | -2.9% |

## Sources

- upi.com: https://www.upi.com/Energy-News/2018/12/07/OPEC-and-non-OPEC-nations-agree-on-12M-barrel-per-day-production-cut/2701544207303/

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