# Opec and Russia extend deal to cut oil production through 2018

> OPEC and non-OPEC producers led by Russia agreed on Thursday to extend oil output cuts through the end of 2018. The deal also signals a possible early exit if the market overheats.

- Date: 2017-11-30 · published 2017-11-30T12:00:00.000Z
- Category: policy · region Global · magnitude high
- Page: https://feedsoft.ai/events/67410-opec-and-russia-extend-deal-to-cut-oil-production-through-2018
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A full-year extension of cuts supports crude prices by limiting supply growth, raising energy costs for feed manufacturers and farm operations.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-06-06 | [OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times](https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times.md) | -8.3% | +2.6% |
| WTI | 2020-06-06 | [OPEC and its allies reach deal to cut oil production through July \| CNN Business](https://feedsoft.ai/events/52512-opec-and-its-allies-reach-deal-to-cut-oil-production-through-july-cnn-business.md) | -8.3% | +2.6% |
| WTI | 2020-07-01 | [Opec and allies extend oil production cuts to end of July](https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july.md) | +4.2% | +4.9% |
| WTI | 2023-09-05 | [Saudi Arabia, Russia extend oil production cuts to end of year](https://feedsoft.ai/events/34026-saudi-arabia-russia-extend-oil-production-cuts-to-end-of-year.md) | +2.1% | +3.8% |
| WTI | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +12.5% | +19.3% |
| BRENT | 2020-06-06 | [OPEC and Russia Agree to Extend Oil Production Cuts - The New York Times](https://feedsoft.ai/events/52508-opec-and-russia-agree-to-extend-oil-production-cuts-the-new-york-times.md) | -7.2% | +3.3% |
| BRENT | 2020-06-06 | [OPEC and its allies reach deal to cut oil production through July \| CNN Business](https://feedsoft.ai/events/52512-opec-and-its-allies-reach-deal-to-cut-oil-production-through-july-cnn-business.md) | -7.2% | +3.3% |
| BRENT | 2020-07-01 | [Opec and allies extend oil production cuts to end of July](https://feedsoft.ai/events/52516-opec-and-allies-extend-oil-production-cuts-to-end-of-july.md) | +4.3% | +4.3% |

## Sources

- nai500.com: https://nai500.com/blog/2017/11/opec-russia-agree-oil-cut-extension-to-end-of-2018/
- naturalgasintel.com: https://naturalgasintel.com/news/opec-to-reduce-crude-oil-output-through-mid-2018-at-least/
- dw.com: https://www.dw.com/en/opec-agrees-oil-cut-extension-to-end-of-2018/a-41596987
- foxbusiness.com: https://www.foxbusiness.com/markets/the-latest-opec-allies-extend-oil-output-cuts-through-2018
- rte.ie: https://www.rte.ie/news/business/2017/1130/924016-opec-allies-set-to-agree-oil-cut-extension/
- scmp.com: https://www.scmp.com/business/global-economy/article/2122365/opec-and-russia-forge-deal-extend-crude-output-cuts-through
- theguardian.com: https://www.theguardian.com/business/2017/nov/30/opec-likely-to-extend-production-curbs-to-bolster-oil-prices
- thenationalnews.com: https://www.thenationalnews.com/business/energy/opec-agrees-to-extend-oil-production-cuts-to-end-of-next-year-1.680406

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