# OPEC chief says producers seek market stability

> OPEC Secretary-General Mohammed Barkindo told the Associated Press that producers remain committed to restoring balance in oil markets and want stability on a sustainable basis. He said stock drawdowns since November have been significant but slower than expected.

- Date: 2017-04-19 · published 2017-04-19T12:00:00.000Z
- Category: policy · region Global · magnitude low
- Page: https://feedsoft.ai/events/71419-opec-chief-says-producers-seek-market-stability
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

The statement signals continued commitment to supply restraint, which supports crude prices but offers no firm new decision on output levels.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2017-04-19 | [OPEC secretary general says credibility is at stake over production deal](https://feedsoft.ai/events/71416-opec-secretary-general-says-credibility-is-at-stake-over-production-deal.md) | -5.6% | -4.3% |
| BRENT | 2019-02-12 | [OPEC Chief Urges Producers to Meet Pledges to Cut Oil Output - Bloomberg](https://feedsoft.ai/events/60516-opec-chief-urges-producers-to-meet-pledges-to-cut-oil-output-bloomberg.md) | +8.0% | +7.2% |
| BRENT | 2023-06-05 | [OPEC Achieves Consensus on Production Levels for Market Stability at 35th Ministerial Meeting - African Energy Chamber](https://feedsoft.ai/events/35403-opec-achieves-consensus-on-production-levels-for-market-stability-at-35th.md) | -1.7% | -1.8% |
| BRENT | 2017-09-19 | [Oil Producers Weigh More Cuts, Iraq Says - Bloomberg](https://feedsoft.ai/events/68864-oil-producers-weigh-more-cuts-iraq-says-bloomberg.md) | +6.7% | +3.9% |
| 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% |
| WTI | 2017-04-19 | [OPEC secretary general says credibility is at stake over production deal](https://feedsoft.ai/events/71416-opec-secretary-general-says-credibility-is-at-stake-over-production-deal.md) | -5.9% | -7.2% |
| WTI | 2019-02-12 | [OPEC Chief Urges Producers to Meet Pledges to Cut Oil Output - Bloomberg](https://feedsoft.ai/events/60516-opec-chief-urges-producers-to-meet-pledges-to-cut-oil-output-bloomberg.md) | +6.0% | +8.3% |
| WTI | 2023-06-05 | [OPEC Achieves Consensus on Production Levels for Market Stability at 35th Ministerial Meeting - African Energy Chamber](https://feedsoft.ai/events/35403-opec-achieves-consensus-on-production-levels-for-market-stability-at-35th.md) | -2.2% | -2.8% |

## Sources

- archive.org: http://archive.org/details/A63_20170419152850489

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