# Opec in dilemma over output cut extension: QNB | The Peninsula Qatar

> QNB commentary argues that OPEC extended its output cut to keep the crude futures curve flat and keep high-cost US shale production uneconomic. It notes US output rose from 8.5 million to 9.3 million barrels per day between October 2016 and May.

- Date: 2017-06-03 · published 2017-06-03T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/70396-opec-in-dilemma-over-output-cut-extension-qnb-the-peninsula-qatar
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Shale growth limits how far OPEC can lift prices, which keeps a ceiling on crude. Sustained flat futures reduce the incentive for new supply that would pressure energy-linked costs.

## Read by commodity

- WTI: neutral
- BRENT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2016-11-22 | [Oil prices ease off three-week high on worries over OPEC output cut](https://feedsoft.ai/events/74007-oil-prices-ease-off-three-week-high-on-worries-over-opec-output-cut.md) | -4.7% | +10.0% |
| WTI | 2023-05-30 | [Explainer-Why is OPEC+ cutting oil output?](https://feedsoft.ai/events/35859-explainer-why-is-opec-cutting-oil-output.md) | -0.4% | -6.6% |
| WTI | 2017-10-24 | [OPEC said to work on exit strategy alongside cuts extension](https://feedsoft.ai/events/68378-opec-said-to-work-on-exit-strategy-alongside-cuts-extension.md) | +4.3% | +8.2% |
| WTI | 2019-08-11 | [Opec mulls further output cuts to support oil prices](https://feedsoft.ai/events/57508-opec-mulls-further-output-cuts-to-support-oil-prices.md) | +0.7% | +3.7% |
| WTI | 2020-03-06 | [OPEC output cut deal falls apart as Russia resists, sending oil prices into tailspin - The Express Tribune](https://feedsoft.ai/events/54052-opec-output-cut-deal-falls-apart-as-russia-resists-sending-oil-prices-into.md) | -31.3% | -45.0% |
| BRENT | 2016-11-22 | [Oil prices ease off three-week high on worries over OPEC output cut](https://feedsoft.ai/events/74007-oil-prices-ease-off-three-week-high-on-worries-over-opec-output-cut.md) | +0.1% | +14.4% |
| BRENT | 2023-05-30 | [Explainer-Why is OPEC+ cutting oil output?](https://feedsoft.ai/events/35859-explainer-why-is-opec-cutting-oil-output.md) | +0.0% | -3.4% |
| BRENT | 2017-10-24 | [OPEC said to work on exit strategy alongside cuts extension](https://feedsoft.ai/events/68378-opec-said-to-work-on-exit-strategy-alongside-cuts-extension.md) | +5.6% | +7.4% |

## Sources

- thepeninsulaqatar.com: https://thepeninsulaqatar.com/article/03/06/2017/Opec-in-dilemma-over-output-cut-extension-QNB

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