# OPEC moves to cap Nigerian oil output, boost production cut compliance | CBC News

> OPEC moved to cap Nigerian oil output at around 1.8 million barrels a day once it stabilises, with Nigeria currently near 1.7 million. Members were urged to improve compliance with the combined 1.8 million bpd cut agreed with non-OPEC producers through March 2018. Crude has slipped to a $45 to $50 range.

- Date: 2017-07-24 · published 2017-07-24T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/69865-opec-moves-to-cap-nigerian-oil-output-boost-production-cut-compliance-cbc-news
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

A Nigerian cap and stronger compliance would reduce supply growth from exempt producers, supporting crude prices that influence energy and freight costs for feed.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2017-08-09 | [OPEC secures output compliance pledges from 4 producers \| AP News](https://feedsoft.ai/events/69360-opec-secures-output-compliance-pledges-from-4-producers-ap-news.md) | -3.1% | +0.1% |
| WTI | 2020-09-17 | [Oil reverses losses to gain 2% as OPEC urges compliance with production cuts](https://feedsoft.ai/events/51278-oil-reverses-losses-to-gain-2-as-opec-urges-compliance-with-production-cuts.md) | -0.6% | +1.9% |
| WTI | 2022-10-05 | [OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times](https://feedsoft.ai/events/39061-opec-agrees-to-cut-oil-production-to-boost-sliding-prices-los-angeles-times.md) | +3.3% | +1.9% |
| WTI | 2019-10-23 | [OPEC+ countries to cut further oil production  ABC.AZ](https://feedsoft.ai/events/56473-opec-countries-to-cut-further-oil-production-abc-az.md) | +2.2% | +1.5% |
| WTI | 2018-12-07 | [OPEC and allies agree to cut oil production](https://feedsoft.ai/events/10629-opec-and-allies-agree-to-cut-oil-production.md) | +2.2% | -6.2% |
| BRENT | 2017-08-09 | [OPEC secures output compliance pledges from 4 producers \| AP News](https://feedsoft.ai/events/69360-opec-secures-output-compliance-pledges-from-4-producers-ap-news.md) | -3.5% | +2.6% |
| BRENT | 2020-09-17 | [Oil reverses losses to gain 2% as OPEC urges compliance with production cuts](https://feedsoft.ai/events/51278-oil-reverses-losses-to-gain-2-as-opec-urges-compliance-with-production-cuts.md) | -0.7% | +2.0% |
| BRENT | 2022-10-05 | [OPEC+ agrees to cut oil production to boost sliding prices - Los Angeles Times](https://feedsoft.ai/events/39061-opec-agrees-to-cut-oil-production-to-boost-sliding-prices-los-angeles-times.md) | +2.1% | +2.3% |

## Sources

- cbc.ca: https://www.cbc.ca/news/business/opec-production-cut-1.4218857

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