# OPEC set to meet with allies on compliance | The Greater Middle East

> OPEC and non-OPEC producers were set to meet in Abu Dhabi the following week to discuss countries failing to comply with output cuts. Crude held near $50 in New York after a 8.6% weekly gain, as the US was reported to be considering tighter sanctions on Venezuela's oil industry following a disputed Venezuelan vote. The US buys about a third of Venezuela's crude output.

- Date: 2017-07-31 · published 2017-07-31T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/70161-opec-set-to-meet-with-allies-on-compliance-the-greater-middle-east
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Possible compliance tightening by OPEC and US sanctions on Venezuelan barrels both threaten supply, supporting crude prices and energy costs for feed buyers.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2020-08-19 | [OPEC+ meets to review compliance with oil cuts - Markets - Business Recorder](https://feedsoft.ai/events/51536-opec-meets-to-review-compliance-with-oil-cuts-markets-business-recorder.md) | +0.8% | -6.3% |
| 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 | 2020-08-17 | [OPEC+ panel focuses on compliance with oil cuts, calls for 'vigilance'](https://feedsoft.ai/events/51533-opec-panel-focuses-on-compliance-with-oil-cuts-calls-for-vigilance.md) | +0.7% | -11.4% |
| WTI | 2017-02-26 | [OPEC, non-OPEC reach 86 percent compliance with product cuts \| Al Bawaba](https://feedsoft.ai/events/72414-opec-non-opec-reach-86-percent-compliance-with-product-cuts-al-bawaba.md) | -1.2% | -12.0% |
| WTI | 2017-11-01 | [Brent oil near two-year highs as OPEC's compliance with cuts improves](https://feedsoft.ai/events/68143-brent-oil-near-two-year-highs-as-opec-s-compliance-with-cuts-improves.md) | +5.2% | +5.3% |
| BRENT | 2020-08-19 | [OPEC+ meets to review compliance with oil cuts - Markets - Business Recorder](https://feedsoft.ai/events/51536-opec-meets-to-review-compliance-with-oil-cuts-markets-business-recorder.md) | +1.2% | -11.8% |
| 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 | 2020-08-17 | [OPEC+ panel focuses on compliance with oil cuts, calls for 'vigilance'](https://feedsoft.ai/events/51533-opec-panel-focuses-on-compliance-with-oil-cuts-calls-for-vigilance.md) | -1.5% | -12.3% |

## Sources

- tgme.org: https://tgme.org/2017/07/opec-set-to-meet-with-allies-on-compliance/

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