# OPEC nears decision time: rollover or deepen cuts? Kemp

> Saudi Arabia and Russia announced on 15 May 2017 that OPEC and non-OPEC producers should extend output cuts for nine months, to March 2018. Ahead of the Vienna meeting, the decision was seen as a choice between rolling over the current deal and deepening the cuts.

- Date: 2017-05-19 · published 2017-05-19T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/70933-opec-nears-decision-time-rollover-or-deepen-cuts-kemp
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Rolling over the cut keeps supply restraint in place, which supports prices, but the market had hoped for deeper cuts. The choice between a rollover and deeper cuts sets the direction of crude prices through the rest of 2017.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.5% | +4.7% |
| WTI | 2019-06-28 | [Arab News \| OPEC ‘set to roll over supply  deal, discuss deeper oil curbs’](https://feedsoft.ai/events/58527-arab-news-opec-set-to-roll-over-supply-deal-discuss-deeper-oil-curbs.md) | -3.5% | -5.3% |
| WTI | 2019-03-19 | [OPEC+ affirms commitment to oil cuts, defers decision to extend curbs](https://feedsoft.ai/events/60017-opec-affirms-commitment-to-oil-cuts-defers-decision-to-extend-curbs.md) | -0.6% | +7.3% |
| WTI | 2022-10-15 | [OAPEC Sec Gen says OPEC+ decision to cut oil production 'correct' \| Reuters](https://feedsoft.ai/events/39062-oapec-sec-gen-says-opec-decision-to-cut-oil-production-correct-reuters.md) | -0.7% | +3.7% |
| WTI | 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) | +2.0% | +1.4% |
| BRENT | 2019-12-05 | [OPEC, allies agree to deepen oil output cuts](https://feedsoft.ai/events/55490-opec-allies-agree-to-deepen-oil-output-cuts.md) | +0.7% | +7.4% |
| BRENT | 2019-06-28 | [Arab News \| OPEC ‘set to roll over supply  deal, discuss deeper oil curbs’](https://feedsoft.ai/events/58527-arab-news-opec-set-to-roll-over-supply-deal-discuss-deeper-oil-curbs.md) | -4.4% | -4.9% |
| BRENT | 2019-03-19 | [OPEC+ affirms commitment to oil cuts, defers decision to extend curbs](https://feedsoft.ai/events/60017-opec-affirms-commitment-to-oil-cuts-defers-decision-to-extend-curbs.md) | +0.3% | +5.9% |

## Sources

- reuters.com: https://www.reuters.com/article/opec-oil-kemp-idUSL8N1IL2J9/

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