# Supply concerns trigger oil price plunge after OPEC extension | Offshore Magazine

> OPEC issued its decision to extend production cuts by nine months to March 2018, following Saudi and Russian signals. Some investors had expected deeper cuts, and analysts differed on whether the extension would tighten inventories enough.

- Date: 2017-05-25 · published 2017-05-25T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/71162-supply-concerns-trigger-oil-price-plunge-after-opec-extension-offshore-magazine
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

The commitment supports crude prices into 2018, which underpins energy costs and biofuel demand relevant to vegetable oil and feed-ingredient pricing.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2019-06-30 | [Oil prices edge up on hopes of supply cuts extension by OPEC](https://feedsoft.ai/events/58762-oil-prices-edge-up-on-hopes-of-supply-cuts-extension-by-opec.md) | -1.4% | -2.5% |
| WTI | 2017-10-09 | [Oil prices climb after OPEC signals possible deal extension](https://feedsoft.ai/events/68621-oil-prices-climb-after-opec-signals-possible-deal-extension.md) | +4.3% | +12.8% |
| WTI | 2017-12-01 | [Brent crude and West Texas Intermediate (WTI) oil price: Opec-led supply cut extension boosts oil prices](https://feedsoft.ai/events/67644-brent-crude-and-west-texas-intermediate-wti-oil-price-opec-led-supply-cut.md) | -1.5% | +5.3% |
| WTI | 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) | +0.5% | -1.2% |
| WTI | 2017-03-01 | [Oil prices rise as OPEC production cut trims supply  \| Globalnews.ca](https://feedsoft.ai/events/72179-oil-prices-rise-as-opec-production-cut-trims-supply-globalnews-ca.md) | -2.2% | -10.4% |
| BRENT | 2019-06-30 | [Oil prices edge up on hopes of supply cuts extension by OPEC](https://feedsoft.ai/events/58762-oil-prices-edge-up-on-hopes-of-supply-cuts-extension-by-opec.md) | -4.2% | -6.1% |
| BRENT | 2017-10-09 | [Oil prices climb after OPEC signals possible deal extension](https://feedsoft.ai/events/68621-oil-prices-climb-after-opec-signals-possible-deal-extension.md) | +2.6% | +11.1% |
| BRENT | 2017-12-01 | [Brent crude and West Texas Intermediate (WTI) oil price: Opec-led supply cut extension boosts oil prices](https://feedsoft.ai/events/67644-brent-crude-and-west-texas-intermediate-wti-oil-price-opec-led-supply-cut.md) | -2.0% | +4.9% |

## Sources

- offshore-mag.com: https://www.offshore-mag.com/business-briefs/oil-prices/article/16801437/supply-concerns-trigger-oil-price-plunge-after-opec-extension

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