# OPEC reportedly favors 9-month extension to output cut deal

> Reuters reported that OPEC members are forming a consensus to extend their production cut deal with other exporters, including Russia, by nine months. The deal would keep 1.8 million bpd off the market through the end of 2018, though a final decision may wait until early next year.

- Date: 2017-10-18 · published 2017-10-18T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/68379-opec-reportedly-favors-9-month-extension-to-output-cut-deal
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

A nine-month extension would keep crude supply tight into 2018, supporting oil prices and the diesel and freight costs that feed buyers face.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2019-06-29 | [Iraqi oil minister expects 6-9 months OPEC output deal extension](https://feedsoft.ai/events/58528-iraqi-oil-minister-expects-6-9-months-opec-output-deal-extension.md) | -4.2% | -6.1% |
| BRENT | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -7.2% | +3.3% |
| BRENT | 2017-05-25 | [The Latest: OPEC, other nations extend output cut to March \| BOE Report](https://feedsoft.ai/events/70931-the-latest-opec-other-nations-extend-output-cut-to-march-boe-report.md) | -7.0% | -16.6% |
| BRENT | 2017-04-20 | [OPEC output deal likely to be extended, says Al-Falih](https://feedsoft.ai/events/71420-opec-output-deal-likely-to-be-extended-says-al-falih.md) | -3.4% | -1.3% |
| BRENT | 2017-09-22 | [Oil rises nearly 1 percent as OPEC defers extension of output cuts](https://feedsoft.ai/events/69123-oil-rises-nearly-1-percent-as-opec-defers-extension-of-output-cuts.md) | +1.8% | +0.8% |
| WTI | 2019-06-29 | [Iraqi oil minister expects 6-9 months OPEC output deal extension](https://feedsoft.ai/events/58528-iraqi-oil-minister-expects-6-9-months-opec-output-deal-extension.md) | -1.4% | -2.5% |
| WTI | 2020-06-06 | [OPEC, Allies Finalize Deal to Extend Oil-Output Cuts](https://feedsoft.ai/events/52510-opec-allies-finalize-deal-to-extend-oil-output-cuts.md) | -8.3% | +2.6% |
| WTI | 2017-05-25 | [The Latest: OPEC, other nations extend output cut to March \| BOE Report](https://feedsoft.ai/events/70931-the-latest-opec-other-nations-extend-output-cut-to-march-boe-report.md) | -5.4% | -16.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/10/18/opec-reportedly-favors-9-month-extension-to-output-cut-deal.html

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