# OPEC drafting agreement to institutionalize market cooperation with Russia, other allies

> OPEC is drafting an agreement to formalise its oil market cooperation with Russia and other allies beyond the current cut deal, which expires at year-end. OPEC Secretary General Mohammed Barkindo confirmed the draft, and the UAE hopes it can be signed in 2018.

- Date: 2018-02-16 · published 2018-02-16T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/66431-opec-drafting-agreement-to-institutionalize-market-cooperation-with-russia
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A durable supply-management pact would reduce the risk of a sudden surge in output, supporting crude price stability. Diesel and freight costs for feed buyers would be less exposed to supply shocks.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2023-12-06 | [OPEC+ Agrees to Additional Production Cuts: Market Responds With a Shrug \| Baker Institute](https://feedsoft.ai/events/32492-opec-agrees-to-additional-production-cuts-market-responds-with-a-shrug-baker.md) | -5.1% | +0.3% |
| WTI | 2022-02-02 | [With oil markets tightening, OPEC and its allies agree to a small increase in output.](https://feedsoft.ai/events/42629-with-oil-markets-tightening-opec-and-its-allies-agree-to-a-small-increase-in.md) | +1.3% | +25.5% |
| WTI | 2017-07-31 | [OPEC set to meet with allies on compliance \| The Greater Middle East](https://feedsoft.ai/events/70161-opec-set-to-meet-with-allies-on-compliance-the-greater-middle-east.md) | -0.3% | -4.0% |
| WTI | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -6.2% |
| WTI | 2019-06-29 | [Russia agrees with Saudi Arabia to extend OPEC+ oil output deal - Reuters](https://feedsoft.ai/events/58525-russia-agrees-with-saudi-arabia-to-extend-opec-oil-output-deal-reuters.md) | -1.4% | -2.5% |
| BRENT | 2023-12-06 | [OPEC+ Agrees to Additional Production Cuts: Market Responds With a Shrug \| Baker Institute](https://feedsoft.ai/events/32492-opec-agrees-to-additional-production-cuts-market-responds-with-a-shrug-baker.md) | -4.6% | -0.7% |
| BRENT | 2022-02-02 | [With oil markets tightening, OPEC and its allies agree to a small increase in output.](https://feedsoft.ai/events/42629-with-oil-markets-tightening-opec-and-its-allies-agree-to-a-small-increase-in.md) | +4.1% | +20.3% |
| BRENT | 2017-07-31 | [OPEC set to meet with allies on compliance \| The Greater Middle East](https://feedsoft.ai/events/70161-opec-set-to-meet-with-allies-on-compliance-the-greater-middle-east.md) | +0.4% | -0.2% |

## Sources

- neftegazru.com: https://neftegazru.com/news/politics/407843-opec-drafting-agreement-to-institutionalize-market-cooperation-with-russia-other-allies/

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