# Opec and Russia say global oil glut halfway cleared | The National

> OPEC and Russia said the global oil glut is about halfway cleared, but they stopped short of new action at their Vienna meeting. Ministers said the Nigeria and Libya production decision was deferred, and warned that US shale growth could make the March expiry premature.

- Date: 2017-09-23 · published 2017-09-23T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/68866-opec-and-russia-say-global-oil-glut-halfway-cleared-the-national
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Holding policy steady keeps the existing cuts in place and supports prices, while uncertainty about post-March extension caps the upside.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2024-03-04 | [Saudi Arabia and the UAE among Opec+ members extending oil output cuts \| The National](https://feedsoft.ai/events/31114-saudi-arabia-and-the-uae-among-opec-members-extending-oil-output-cuts-the.md) | -1.2% | +3.1% |
| BRENT | 2019-06-30 | [Opec and Russia need to send out a strong signal](https://feedsoft.ai/events/58763-opec-and-russia-need-to-send-out-a-strong-signal.md) | -4.2% | -6.1% |
| BRENT | 2017-11-30 | [Opec and Russia extend deal to cut oil production through 2018](https://feedsoft.ai/events/67410-opec-and-russia-extend-deal-to-cut-oil-production-through-2018.md) | -2.7% | +5.3% |
| 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 | 2023-01-19 | [Opec has more 'market power' as oil supply concerns return, Goldman Sachs says \| The National](https://feedsoft.ai/events/37957-opec-has-more-market-power-as-oil-supply-concerns-return-goldman-sachs-says-the.md) | +1.4% | +0.4% |
| WTI | 2024-03-04 | [Saudi Arabia and the UAE among Opec+ members extending oil output cuts \| The National](https://feedsoft.ai/events/31114-saudi-arabia-and-the-uae-among-opec-members-extending-oil-output-cuts-the.md) | -2.4% | +4.6% |
| WTI | 2019-06-30 | [Opec and Russia need to send out a strong signal](https://feedsoft.ai/events/58763-opec-and-russia-need-to-send-out-a-strong-signal.md) | -1.4% | -2.5% |
| WTI | 2017-11-30 | [Opec and Russia extend deal to cut oil production through 2018](https://feedsoft.ai/events/67410-opec-and-russia-extend-deal-to-cut-oil-production-through-2018.md) | -2.5% | +4.5% |

## Sources

- thenationalnews.com: https://www.thenationalnews.com/business/opec-and-russia-say-global-oil-glut-halfway-cleared-1.660822

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