# OPEC and Non-OPEC oil production cuts at record highs - Offshore Energy

> OPEC and non-OPEC countries in the voluntary production cut deal reached a record 129% conformity level in December 2017, according to the Joint Monitoring Committee. The average conformity for the deal's first year was 107%.

- Date: 2018-01-22 · published 2018-01-22T12:00:00.000Z
- Category: report · region Global · magnitude low
- Page: https://feedsoft.ai/events/66902-opec-and-non-opec-oil-production-cuts-at-record-highs-offshore-energy
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Higher compliance with output cuts tightens the crude market, which supports oil prices and energy-linked input costs.

## Read by commodity

- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-02-01 | [OPEC Cuts Oil Production as Coalition Begins New Supply Pact - Bloomberg](https://feedsoft.ai/events/31566-opec-cuts-oil-production-as-coalition-begins-new-supply-pact-bloomberg.md) | -2.6% | +1.9% |
| BRENT | 2017-01-05 | [OPEC oil output falls from record high ahead of planned cuts - Reuters survey](https://feedsoft.ai/events/72911-opec-oil-output-falls-from-record-high-ahead-of-planned-cuts-reuters-survey.md) | -2.1% | +0.4% |
| BRENT | 2020-07-31 | [Oil on track for monthly gains as US cuts production - Markets - Business Recorder](https://feedsoft.ai/events/52264-oil-on-track-for-monthly-gains-as-us-cuts-production-markets-business-recorder.md) | +4.9% | +4.7% |
| BRENT | 2023-10-11 | [Oil, gasoline prices set to rise in 2024 as OPEC+ production cuts take their toll: EIA](https://feedsoft.ai/events/33795-oil-gasoline-prices-set-to-rise-in-2024-as-opec-production-cuts-take-their-toll.md) | +2.3% | -7.5% |
| BRENT | 2019-01-18 | [OPEC cuts crude production for market re-balancing – National Daily Newspaper](https://feedsoft.ai/events/61001-opec-cuts-crude-production-for-market-re-balancing-national-daily-newspaper.md) | +1.0% | +6.2% |

## Sources

- offshore-energy.biz: https://www.offshore-energy.biz/opec-and-non-opec-oil-production-cuts-at-record-highs/

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