# OPEC analysis shows need for a production cut of 1 million bpd

> Saudi energy minister Khalid al-Falih said technical analysis shows OPEC and allies need to cut supply by approaching 1 million bpd from October levels. Russia urged caution against hasty decisions, and a full OPEC meeting was scheduled for December 6.

- Date: 2018-11-12 · published 2018-11-12T12:00:00.000Z
- Category: geopolitics · region Global · magnitude medium
- Page: https://feedsoft.ai/events/61948-opec-analysis-shows-need-for-a-production-cut-of-1-million-bpd
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A proposed cut near 1 million bpd would support crude prices, though Russian reluctance adds uncertainty about the size of any reduction.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-05-17 | [OPEC recommends 1.5 million bpd additional output cut](https://feedsoft.ai/events/53028-opec-recommends-1-5-million-bpd-additional-output-cut.md) | +13.5% | +26.0% |
| 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 | 2018-12-07 | [The Latest: OPEC backs 6-month oil production cut package \| AP News](https://feedsoft.ai/events/61454-the-latest-opec-backs-6-month-oil-production-cut-package-ap-news.md) | +2.2% | -6.2% |
| WTI | 2018-12-07 | [OPEC and non-OPEC nations agree on 1.2M barrel per day production cut - UPI.com](https://feedsoft.ai/events/61457-opec-and-non-opec-nations-agree-on-1-2m-barrel-per-day-production-cut-upi-com.md) | +2.2% | -6.2% |
| 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% |
| BRENT | 2020-05-17 | [OPEC recommends 1.5 million bpd additional output cut](https://feedsoft.ai/events/53028-opec-recommends-1-5-million-bpd-additional-output-cut.md) | +8.6% | +24.8% |
| BRENT | 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) | +3.5% | +7.0% |
| BRENT | 2018-12-07 | [The Latest: OPEC backs 6-month oil production cut package \| AP News](https://feedsoft.ai/events/61454-the-latest-opec-backs-6-month-oil-production-cut-package-ap-news.md) | +2.2% | -2.9% |

## Sources

- financialpost.com: https://financialpost.com/commodities/energy/update-4-oil-rises-after-saudi-warns-weaker-demand-may-warrant-1-million-bpd-output-cut
- cnbc.com: https://www.cnbc.com/2018/11/12/opec-analysis-shows-need-for-a-production-cut-of-1-million-bpd.html

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