# Oil supply outages fall as OPEC decides on extension of production restraint agreement Report | Wood Mackenzie

> Global unplanned oil supply outages fell in 2017, averaging 2.8 million b/d from January to October versus 3.8 million b/d in 2016. The decline was driven mainly by lower disruptions in Libya and Nigeria. Outages are forecast to keep falling in 2018 and 2019, which offsets the impact of OPEC's cuts.

- Date: 2017-11-29 · published 2017-11-29T12:00:00.000Z
- Category: report · region Global · magnitude medium
- Page: https://feedsoft.ai/events/67894-oil-supply-outages-fall-as-opec-decides-on-extension-of-production-restraint
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Falling outages add barrels back to the market and reduce the tightening effect of OPEC's cuts, which weighs on crude prices. Geopolitical risk in Libya, Nigeria and Venezuela could still reverse this trend.

## Read by commodity

- WTI: bearish ▼
- BRENT: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-10-11 | [OPEC hikes oil output in September as Iran's production falls](https://feedsoft.ai/events/62459-opec-hikes-oil-output-in-september-as-iran-s-production-falls.md) | -4.2% | -14.8% |
| BRENT | 2021-03-31 | [OPEC cuts global oil demand estimates ahead of production decision](https://feedsoft.ai/events/48043-opec-cuts-global-oil-demand-estimates-ahead-of-production-decision.md) | -1.9% | +5.4% |
| BRENT | 2018-08-13 | [OPEC’s Output Rose in July Despite Decline in Saudi Oil Production - WSJ](https://feedsoft.ai/events/63443-opec-s-output-rose-in-july-despite-decline-in-saudi-oil-production-wsj.md) | -1.3% | +6.0% |
| BRENT | 2024-11-01 | [US Oil Production Hits Another Record, Adding to Supply Worries](https://feedsoft.ai/events/27770-us-oil-production-hits-another-record-adding-to-supply-worries.md) | +3.4% | +0.2% |
| BRENT | 2022-11-14 | [OPEC Cuts Oil Demand Outlook as It Starts to Curb Production - Bloomberg](https://feedsoft.ai/events/38586-opec-cuts-oil-demand-outlook-as-it-starts-to-curb-production-bloomberg.md) | -8.2% | -20.7% |
| WTI | 2018-10-11 | [OPEC hikes oil output in September as Iran's production falls](https://feedsoft.ai/events/62459-opec-hikes-oil-output-in-september-as-iran-s-production-falls.md) | -4.8% | -15.7% |
| WTI | 2021-03-31 | [OPEC cuts global oil demand estimates ahead of production decision](https://feedsoft.ai/events/48043-opec-cuts-global-oil-demand-estimates-ahead-of-production-decision.md) | -1.3% | +5.4% |
| WTI | 2018-08-13 | [OPEC’s Output Rose in July Despite Decline in Saudi Oil Production - WSJ](https://feedsoft.ai/events/63443-opec-s-output-rose-in-july-despite-decline-in-saudi-oil-production-wsj.md) | -2.5% | -0.1% |

## Sources

- woodmac.com: https://www.woodmac.com/reports/oil-markets-oil-supply-outages-fall-as-opec-decides-on-extension-of-production-restraint-agreement-11631/

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