# OPEC secretary general says credibility is at stake over production deal

> OPEC Secretary General Mohammad Barkindo told CNBC that the group's credibility is at stake as it implements its deal to cut output by about 1.2 million barrels per day from January 1. He said compliance has been strong and that a decision on extending the cuts beyond June could come at the May 25 meeting. Brent has risen about 19 percent since the cuts were agreed.

- Date: 2017-04-19 · published 2017-04-19T12:00:00.000Z
- Category: policy · region Global · magnitude medium
- Page: https://feedsoft.ai/events/71416-opec-secretary-general-says-credibility-is-at-stake-over-production-deal
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Whether OPEC and non-OPEC producers keep cutting supply determines how fast the global glut drains, which sets crude prices and, through energy costs, the cost of running grain and feed operations.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 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) | +0.8% | +4.6% |
| BRENT | 2017-04-19 | [OPEC chief says producers seek market stability](https://feedsoft.ai/events/71419-opec-chief-says-producers-seek-market-stability.md) | -5.6% | -4.3% |
| BRENT | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +16.7% | +22.1% |
| BRENT | 2017-04-26 | [Is An Extension Of OPEC's Oil Production Cuts Really A Done Deal? \| Investing.com](https://feedsoft.ai/events/71417-is-an-extension-of-opec-s-oil-production-cuts-really-a-done-deal-investing-com.md) | -1.6% | +5.8% |
| BRENT | 2022-10-06 | [Why is OPEC+ cutting oil production and what’s next? \| Explainer News \| Al Jazeera](https://feedsoft.ai/events/39328-why-is-opec-cutting-oil-production-and-what-s-next-explainer-news-al-jazeera.md) | -1.0% | +2.4% |
| 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 | 2017-04-19 | [OPEC chief says producers seek market stability](https://feedsoft.ai/events/71419-opec-chief-says-producers-seek-market-stability.md) | -5.9% | -7.2% |
| WTI | 2016-11-30 | [Oil Surges on OPEC Deal to Cut Production - WSJ](https://feedsoft.ai/events/73786-oil-surges-on-opec-deal-to-cut-production-wsj.md) | +12.5% | +19.3% |

## Sources

- cnbc.com: https://www.cnbc.com/2017/04/19/opec-secretary-general-says-credibility-is-at-stake-over-production-deal.html

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